Assessment is a contrivance of feedback for teachers. It not only gives information to teachers about their student performance, but also serve as an indicator for their self assessment. The aim of this study was to examine the status of intermediate level assessment procedure and level of satisfaction of stakeholders, i.e., teachers from the current examination system. The study was confined to chemistry subject. 16 institutes from district Peshawar were taken as sample of study. The sample of study comprised of 57 teachers. Data was collected from teachers through questionnaire designed on five point Likert Scale and open ended questions. The major finding of the study is that evaluation procedure is still emphasized on cramming and is designed on pattern that cannot assess high order mental abilities and overall abilities of students. According to the teachers, semester and internal assessment procedure is better than annual examination system and external assessment.