The emphasis of the Association to Advance Collegiate Schools of Business (AACSB) on improving student learning through Assurance of Learning (AOL) makes faculty involvement in the process at AACSB accredited schools important. This study examines the attitudes of accounting and economics faculty at AACSB accredited institutions toward the AOL process. Using survey data we report on faculty perceptions of the motivations, costs, methods and results of AOL. We find considerable progress has been made in regard to faculty understanding of the role of learning goals and objectives in the AOL process, some progress in building faculty knowledge of the methods of AOL, and that faculty doubt the AOL process has led to improved student learning. The views of faculty are consistent with closing the assessment loop still being a work in progress at many AACSB accredited schools.