FIBAA's Institutional Audit is a "classical" Peer-Review process: It involves external assessment by qualified peers on the basis of written information provided by the university and a subsequent decision on the basis of the assessment report.

Before the audit starts, a detailed discussion is held with the university to explain the process and its content, followed by agreement on the schedule for the process. Agreement is also reached on to what extent a combination of FIBAA services is desired or whether agreement can be achieved in accordance with national guidelines.

After signing the agreement, the university receives FIBAA's Assessment Guidelines for Institutional Audits, in combination with other processes, possibly complemented by additional aspects. On request, FIBAA can offer a workshop on the criteria and procedure of the process.

Working on the basis of the, the university produces its Self-Documentation File. When the university submits its Self-Documentation File to FIBAA, preparations begin for an On-Site Visit. FIBAA agrees a concrete date for the On-Site Visit with the university and then appoints an Peer Peer Review Assessment Team; as necessary, further information will be requested from the university.

The subsequent On-Site Visit generally lasts two days. The procedural steps are agreed with the university and are possibly adjusted to take account of the university's specific features (Locations, Funding Agencies, etc.). The Assessment includes discussions and interviews with the relevant groups and representatives from the university as well as external Stakeholders. After the On-Site Visit, the assessors produce a report, which includes a description of the facts and circumstances identified and the expert assessment based on FIBAA's quality criteria.