The quality assurance 'regime' that spans the higher education sector internationally is underpinned by a number of unchallenged assumptions. Nowhere is this more apparent than within the external examiner system in the UK, an instrument for the professional self-regulation of higher education. One such assumption is that external examiners are assessment literate. Within higher education assessment literacy is a concept in its infancy, but one that has the capacity to reverse the deterioration of confidence in academic standards. Whilst the concept is becoming integrated into the sectorial vernacular, its fluid and negotiated nature is under-conceptualised. The primary aim of this article lies in investigating the extent of external examiners' assessment literacy and to use this as a base to initiate a discussion surrounding the development of a shared discourse of assessment literacy, thereby providing a tool for greater conceptualisation.