Published date: 17 June 2025
Awarded contract - This means that the contract has been awarded to a supplier.
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
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- Final-Framework-Schedule-6-Order-Form-Template-and-Call-Off-Schedules - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-1-(Transparency Reports) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-10-(Exit Management) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-14-(Service Levels) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-15-(Call-Off Contract Management) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-16-(Benchmarking) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-20-(Call-Off Specification) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-3-(Continuous Improvement) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-4-(Call-Off Tender) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-5-(Pricing Details) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-6-(ICT Services) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-7-(Key Supplier Staff) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-8-(Business Continuity and Disaster Recovery)-REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Call-Off-Schedule-9-(Security) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-CCS-Core-Terms - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-1-(Definitions) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-10-(Rectification Plan) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-11-(Processing Data) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-2-(Variation Form) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-3-(Insurance Requirements) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-4-(Commercially Sensitive Information) - REDACTED.pdf
- Redacted Contract Documents
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- RM6188-Joint-Schedule-5-(Corporate Social Responsibility) - REDACTED.pdf
- Redacted Contract Documents
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
Share this notice
Closing: 5 February 2025, 5pm