Audit and Assurance Services for Income Contingent Repayment Student Loans Monetisation Programme

Contract Timeline

Publication Date

17th June 2025 11:38:04 AM

Contract Summary

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.

Contract Details

Open Contracting ID

ocds-b5fd17-02a348cb-af11-41c9-87f6-706da399acad

Publication Source

Contracts Finder

Procurement Stage

Award

Procurement Method

Selective

Procurement Method Details

Call-off From A Framework Agreement

Procurement Category

Services

Tender Suitability

SME VCSE

Framework / DPS

Framework

Contract Classification

CPV Code(s)

79212000

CPV Division(s)

79 - Business services: law, marketing, consulting, recruitment, printing and security

Awarding Authority

DEPARTMENT FOR EDUCATION

Buyer Name

Buyer Email

core.procurement@education.gov.uk

Buyer Phone

Buyer Address

Sanctuary Buildings, 20, Great Smith Street

London

SW1P 3BT

England

Awarded Supplier(s)

Supplier Name(s)

BDO LLP