How does this teacher manage assessment?

As I have talked about in a previous blog, this teacher assesses students with "Fluency" readings. Each child has a minute to read a short story and I count the words the read and mark the ones they made mistakes on. Then I read the story to the child, and they take it to their desk to read a few times. Then I call them back and they do it again. They are supposed to double their words read. I do this assessment almost every time I go to class, but have yet to see any end results or "check ups" with the kids. I don't know whether she goes through the binder to see how each kid is doing, etc. I have done this in 2 other 1st grade classes, and have seen the same thing. I'm not sure how they manage the assessments. I know they do other things, such as read the class a story, and then give a quiz on the content. Or the obvious weekly homework assignments. I have also mentioned before, that individual homework packets are given to children based upon their level. It will be interesting to see if anything is done with these fluency readings, and how the teacher uses them to assess the children.