Team assessment has been suggested as a competency-based collaborative learning technique. Critical to the success of an assessment for learning, in competency-based education, is the use of formative feedback. This study reports on the development of, and the students' experience of, a Team Assessment with Immediate Feedback (TAIF), in which immediate formative feedback is provided to the students by their peers and the assessment instrument (the IF-AT® form). Results of the quantitative and qualitative data, collected in a survey, suggest that the majority of the students experienced the TAIF positively. Many students highlighted that they had constructed new knowledge and understanding of the content and practiced numerous skills during the team assessment. The learning benefits of the immediate feedback component of the team assessment were widely acknowledged by the students. The study also provided some initial evidence that team assessment in a culturally diverse student cohort may enhance intercultural collaboration. Team assessment may also contribute towards re-establishing the link between professional accounting education and practice.