Moderation of student assessment is a critical component of teaching and learning in contemporary universities. Yet, despite this, it tends to be marked by idiosyncratic and sporadic processes informed by liminal understanding. This paper, in the light of forthcoming radical national requirements for the declaration of moderation processes in tertiary curricula in Australia, will present four discourses of moderation we identified in a recent study in a Faculty of Education in a large metropolitan university. The discourses are equity, justification, community building and accountability. Together, they will act as a starting point for academics to review their beliefs and attitudes towards the moderation of student assessment.