Assurance is the combination of monitoring and control (of processes and outcomes) to confirm the...

The correct concept ofassuranceis that it combinesmonitoring and auditing(not control). Monitoring checks operational conformity, and auditing provides an independent review. Control is a broader management concept and not the specific second component of assurance.

Exact Extract from IAM – Asset Management: An Anatomy (v4), Section 1.4.4 – Assurance:

“Assurance is provided through monitoring and auditing mechanisms that evaluate whether intended outcomes are being achieved.”