Student learning outcomes assessment has been increasingly used in U.S. higher education institutions over the last 10 years, partly fueled by the recommendation from the Spellings Commission that institutions need to demonstrate more direct evidence of student learning. To respond to the Commission's call, various accountability initiatives have been launched, profoundly reshaping how assessment has been viewed, implemented, and used in higher education. This article reviews the conceptual and methodological challenges of the assessment agenda for one of the landmark accountability initiatives, the Voluntary System of Accountability, and also documents the notable shift from a strong focus on accountability to an increasing emphasis on internal improvement. This article then discusses the most recent developments in assessment approaches and tools, and proposes a four-element, one-enabler assessment cycle for institutions to maximally benefit from their assessment efforts.