As a manager in her firm, Lucy concerns herself with the effectiveness of internal controls. Her main focus is how efficient and effective the company's internal controls are over time. Which component of internal control is Lucy engaging in?

Monitoring internal controls

Explanation:

Monitoring internal controls -

It refers to the activity to take charge of the internal control over time, is referred to as the method of Monitoring internal controls.

The method uses evaluating the management and the third party to scan the issue and communicate to resolve the issue.

Hence, from the given scenario of the question,

The correct term is Monitoring internal controls.