Which of the following is NOT one of typical daily treasury operations? 1. Collecting, concentrating, and disbursing cash 2. Initiating and approving transactions. 3. Researching and reconciling exception items, such as unexpected charges on bank accounts, missing deposits, and outstanding checks. 4. Calculating the cash position 5. Managing the internal audit function to ensure that controls and operating procedures are established to protect the company from losses caused by inefficiency, inaccuracy, or fraud