Higher education institutions (HEIs) are increasingly being held accountable for maintaining quality in their activities by governments, industry, students, and the community as a whole. Accreditation agencies formulate assessment criteria covering the entire range of HEI activities so that the quality of HEI activities can be measured. However, as the perceptions of stakeholders varies of what makes a good HEI, it is crucial to investigate their opinions about the standards set by these agencies. This study uses focus group discussions involving Omani HEI stakeholders, including students, HEI staff, and employers, to gain insights into their perceptions on the most significant standards set by Oman Academic Accreditation Authority (OAAA) in measuring the quality of HEIs. It was found that stakeholders’ views of the key standards that measure HEI quality varies. Students were in favor of the standards related to the quality of teaching and learning. Students also show a good level of awareness about employers’ priorities. Employers were more concerned about the research skills of graduates and their industry and community involvement. There was also some agreement between staff and employers on the importance of governance and management. This study provides HEIs, OAAA, and partner universities insights into stakeholder priorities and concerns.