Published date: 17 June 2025

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 5 February 2025, 5pm

Contract summary

Industry

  • Auditing services - 79212000

Location of contract

Any region

Value of contract

£719,075

Procurement reference

tender_434864/1488284

Published date

17 June 2025

Closing date

5 February 2025

Closing time

5pm

Contract start date

23 May 2025

Contract end date

22 September 2031

Contract type

Service contract

Procedure type

Call-off from a framework agreement

A mini-competition or direct purchase from a pre-established framework agreement.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

Yes

Description

Following the 2008 Sale of Student Loans Act, the Secretary of State for Education assumed the responsibilities of Master Servicer for the sold loans agreements and is therefore responsible for sourcing a range of audits to ensure compliance.

This is the Department's Contract Award Notice for the re-procurement of an Audit and Assurance Provider to deliver two related workstreams annually:

- Assumptions AUP Report covering both the Assumptions AUP (one report to cover both sales). It will include auditing the Transition Matrices (TMs) used within the Earnings Module and Payment Adjustment Factors (PAFs) used in the Re-payments Module.
- A Model Audit Report (one report per sale): Audit of the complex financial model used to forecast student loan cashflows. This should focus on any changes made to the model annually. It will include audit of any methodological changes, analytical review of TERM to make sure the model reacts to economic variations in an expected manner, and audit of the Liabilities Module. The type of methodological change could include (but not be limited to): a change in the indexation of a Note in the Liabilities module, a change in the source macroeconomic variables, how we forecast individual earnings.

The agreement will last from 23rd May 2025 until 22nd September 2031, with two break clauses on the 31st January 2026 and 30th September 2028. This contract was competed via the Crown Commercial Service's Audit & Assurance Services (A&AS) framework (RM6188), Lot 4: Other Independent Assurance.

More information

Attachments

Award information

Awarded date

23 May 2025

Contract start date

23 May 2025

Contract end date

22 September 2031

Total value of contract

£719,075

This contract was awarded to 1 supplier.

BDO LLP

Address

55 Baker Street, London, W1U 7EU

Reference

Companies House number: OC305127

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Address

Sanctuary Buildings, 20, Great Smith Street
London
SW1P 3BT
England

Email

core.procurement@education.gov.uk