This work discusses the strategies deployed at the School of Mechanical and Electrical Engineering of the Universidad Autonoma de Nuevo Leon, Mexico, for the assessment of Program Educational Objectives (PEOs), outcomes and competencies of the Materials Engineering Undergraduate program. This program has been reviewed and accredited by two Mexican agencies and recently efforts were made to adapt our procedures to comply with international standards and accreditation processes. Thus we successfully reviewed and evolved our systematic procedure for the assessment of PEOs, outcomes and competencies taking into account our university academic and educational model which is based on six main components: learning-centered education, competencies-based education, curricular flexibility, internationalization and academic innovation. We had to adapt our grading system in order to asses the development of competencies throughout the different courses in the five year (ten semesters) program, passing from a single average grade to a multiple-grading system. The continuous improvement processes were particularly worked in order to integrate the program constituencies inputs, the tutorship and guidance from the faculty members, while at the same time complying with our ISO-certified administrative processes. These good practices are having impact on an steadily increasing enrollment, a high employment rate and high satisfaction of the employers. We firmly believe that one key factor that accounts for the attainment of our PEOs is the strong collaboration with the regional industry which help us to offer a realistic project-based experience to our students which often results in successful research projects and publications. We also believe that our model can be of help for other Latin American engineering programs trying to evolve to international standards.