Purpose: This paper aims to explore the role of international quality assurance and accreditation on higher education quality improvement and competitiveness, as well as assessing the associated benefits and challenges in the Asian context with reference to Taiwan. Design/methodology/approach: The paper used a qualitative approach to examine the case study of Southern Taiwan University of Science and Technology (STUST) accredited by the Association to Advance Collegiate Schools of Business (AACSB). The paper collected survey responses from service providers (i.e. STUST faculty and AACSB) and focus group discussions with students to bridge the perception-expectation gap. Findings: The qualitative results highlighted 10 key success factors and performance indicators which were later used to build a balanced scorecard (BSC) strategy for STUST quality improvement and competitiveness. Findings show that education quality assurance (via AACSB process) can directly influence the competitive advantage (i.e. for AACSB, STUST and Students) or indirectly via education quality enhancement. The results from faculty and students are consistent with the value co-creation trend to achieve continuous quality improvement more effectively and efficiently. Originality/value: This research paper is unique as the first qualitative in-depth study to discuss assurance related factors that positively or negatively affect competitiveness and quality improvement for Higher Education Institutions (HEIs) in Asia and Taiwan. The paper also contributed by designing a BSC framework and strategy-map applicable to HEIs.