It is unknown whether or not it is a faction of the Ministry of Magic division for Magical Education. It was suggested that it was just a committee of the Hogwarts Governors.
The head of the Wizarding Examinations Authority is Griselda Marchbanks. It is known that there is a large group who travels to Hogwarts every year, exhausted from their journey, that is received by the headmaster. Apart from Griselda Marchbanks, the only other known member of the examiners is a Professor Tofty.
Draco Malfoy claims that when it comes to the O.W.L. and N.E.W.T. Wizarding Examinations Authority,it's "not what you know, it's who you know." It is unknown whether Malfoy actually got his O.W.L.s because he knew the Authorities.
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