The correct answer is: To determine whether appropriate controls exist in respect of each of the major transaction cycles.

Internal control questionnaires ('ICQs') ask whether specific controls exist in each of the major transaction cycles.

Identifying deficiencies in internal control to report to management is done at the tests of controls stage.

Because ICQs are designed to evaluate the internals controls rather than to describe them, they do not provide information from which to flowchart internal controls.

Walkthrough tests fulfil this purpose.

Determining whether there are controls in place to prevent or detect specific errors is the purpose of internal control evaluation questionnaires ('ICEQs'), not ICQs.