As growing numbers of countries adopt market-oriented policies for steering higher education, there is increasing interest in accountability mechanisms that improve the capacity of colleges and universities to independently assure the quality of their academic degrees and student learning. Academic audit, first developed in the UK and subsequently adapted to countries such as Sweden, New Zealand and Hong Kong, offers such an approach. What problems have these countries encountered in implementing academic audits with regard to: the focus of audits; the selection and training of audit teams; the nature of audit self-studies; the conduct of audit visits; audit reports; and audit follow-up and enhancement activities? This paper reviews the lessons learned from these early experiments with academic audit and suggests guidelines for the design and implementation of effective audit processes. [Copyright of Quality in Higher Education is the property of Routledge. Full article may be available at the publisher's website: http://dx.doi.org/10.1080/13538320020005945]