In the first part of the paper, Azzouni’s derivation–indicator view was presented. In the second part it is analyzed in a detailed way. It is shown, that many problems arise, which cannot be explained in a satisfactory way in Azzouni’s theory, in particular the problem of the explanatory role of proof, of its epistemic role; the relationship between first–order and second–order versions of proofs is also not clear. It is concluded, that Azzouni’s theory does not provide a satisfactory account of mathematical proof, but inspires an interesting discussion. In the article, some of the mentioned problems are discussed.