(We count descents instead of ascents. Let $A(n, k)$ denote the number of permutations on $[n]$ with $k-1$ descents)
Here's a combinatorial proof via inclusion-exclusion the essence of which can be found in Miklos Bona's Combinatorics of Permutations. He attributes this proof to Richard Stanley and Hugh Thomas (independently).
Define a "$k$-augmented word on $[n]$" to be an object you get by writing down $k-1$ bars and allocating each element of $[n] = \{1,2, \ldots , n\}$ to one of the $k$ compartments created by the bars and then ordering the set of numbers in each compartment in ascending order. For example, if $n=5$ and $k =4$, then each of the following is a $4$-augmented word on $[5]$: $$ w_{1} = 12||34|5, \qquad w_{2}= |15|4|23, \qquad w_{3}=1|23|5|4 $$
We make two further definitions involving bars:
1) Wall: A bar that is not immediately followed by another bar. (For example, all the bars in the above examples are walls except for the first bar in $w_{1}.$)
2) Extraneous: A bar in a $k$-augmented word is called extraneous if after its deletion, it produces a $(k-1)$-augmented word. (For example, the third bar in the $w_{1}$ is extraneous because the resultant object is a $2$-augmented word. Similarly, so is the first bar in $w_{2}$. However, the second bar in $w_{2}$ is not extraneous.)
In this above vocabulary, it can be clearly seen that the permutations on $[n]$ with $k-1$ descents are in bijection with the $k$-augmented words on $[n]$ that have no extraneous walls. (Each such permutation gives rise to a $k$-augmented word by placing a bar at each of the descent indices. Conversely, the deletion of all the bars in a $k$-augmented word gives rise to a permutation with $k-1$ descents.)
We are now ready to use the principle of inclusion-exclusion on $X$, the set of all possible $k$-augmented words. Note that since each of the $n$ numbers have one of $k$ compartments to live in, then $|X| = k^{n}.$ Below, we use "position" to mean one of the $n+1$ gaps in between a permutation written as a word.
Let $w \in X$ have property $P_{i}$ (for a given $i \in \left\{0,1,\ldots,n\right\}$) if there is an extraneous wall after the $i^{\text{th}}$ symbol of the word. Note that not more than $k-1$ properties can hold simultaneously. Let $S = \{i_{1}< \ldots < i_{j}\}$ be a subset of $\left\{0,1,\ldots,n\right\}$ with $j \leq k-1$, and let $A_S= \left|\{w \in X \text{ satisfying } P_{i_{1}}, \ldots , P_{i_{j}}\}\right|$; then, we claim that $|A_{S}| = (k-j)^{n}$. Indeed, it suffices to find a bijective correspondence between $A_{S}$ and the set of all $(k-j)$-augmented words on $[n]$. If $w \in A_{S}$, then deleting a bar in $w$ at each position belonging to $S$ we get a $(k-j)$-augmented word on $[n]$. Conversely, starting with a $(k-j)$-augmented word on $[n]$, insert a bar at each position belonging to $S$ (and if a bar already exists at that position, insert it to the immediate right of this bar); then, each position of $S$ contains an extraneous wall giving rise to $w \in A_{S}$. Recall that the set of permutations on $n$ with $k-1$ descents equals the number of $k$-augmented words on $[n]$ with no extraneous walls which, by the principle of inclusion-exclusion (using the claim we just showed), equals:
$$A(n, k) = \displaystyle \sum_{j=0}^{k-1}(-1)^{j}\binom{n+1}{j}(k-j)^{n} .$$