Purpose: This study aims to investigate the stakeholders' (employers and students) involvement in economics and management programs quality assurance in Italian universities from the external audit perspective. Design/methodology/approach: The research tests if employers are positively associated with the coherence between program objectives and job prospects, and if student involvement is positively associated with student orientation, tutorship and flexibility for specific types of students (differently abled students and working students). Based on data from the Italian Agency for Quality Assurance (ANVUR) in Italian universities, this study selects a sample of 44 bachelor and master university programs. Findings: When a program coordinator assures coherence between competencies included in the study plan and job prospect, the employers' involvement in the plan and management of the program increases and becomes more effective. High-quality services regarding student orientation, tutorship and flexibility for specific types of students increase the students' involvement in university governance. Originality/value: Findings contribute to literature extending the stakeholder theory in universities, better specifying how employers and students may play a key role in improving the quality assurance of teaching activities.