Final answer:
The monitoring component is responsible for the evaluation of internal controls within an organization to identify and address deficiencies.
Step-by-step explanation:
The component of an internal control system that refers to the evaluation of internal controls to identify deficiencies is a) Monitoring. This aspect of internal control is essential for ensuring that the control measures in place are effective and continue to operate as intended over time. Monitoring involves regular reviews, either through ongoing activities or separate evaluations, to ascertain whether each component of the internal control system, including the Control environment, Risk assessment, and Control activities, is operating effectively. The monitoring component is responsible for the evaluation of internal controls within an organization to identify and address deficiencies.