The purpose of this paper is to provide a synthesis of the official documents that regulate quality assurance activities in a modern univertsity. The principal objectives of the paper are to discuss the main standards for quality assurance in the European Higher Education Area, and examine the basic criteria applied for international institutional accreditation. The research method used in the paper includes the review of official EU and OECD documents on quality assurance in higher education. The analysis conducted in the paper has allowed the author to identify and summarize key internal and external standards for quality assurance, which education managers should consider in the agenda of the all-inclusive management of an academia.