Award

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

DEPARTMENT FOR EDUCATION

This public procurement record has 1 release in its history.

Award

17 Jun 2025 at 11:38

Award Notice
Summary of the contracting process

The Department for Education has awarded a contract for Audit and Assurance Services for the Income Contingent Repayment Student Loans Monetisation Programme. The procurement process was conducted under the Crown Commercial Service's Audit & Assurance Services framework, specifically Lot 4: Other Independent Assurance, using a selective method. BDO LLP has been selected as the supplier. The contract commenced on 23rd May 2025 and will run until 22nd September 2031, with break clauses on 31st January 2026 and 30th September 2028. This award, published on 17th June 2025, covers auditing services across various locations including the United Kingdom, Europe, and other international territories, under the industry category of Auditing Services (CPV: 79212000).

This tender presents significant opportunities for growth, especially for businesses skilled in complex financial auditing and assurance services. Given the contract's substantial duration and monetary value of £719,075 GBP, firms with expertise in auditing financial models and those that can provide detailed compliance services annually will be well-suited to meet the requirements. The framework's support for SME and VCSE organisations further encourages diverse business participation, fostering opportunities for smaller and socially-conscious enterprises to engage in high-value contracts within the educational sector.

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Notice Information

Notice Title

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

Notice 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.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-02a348cb-af11-41c9-87f6-706da399acad
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/89563c92-51d6-426b-ae42-86ed8dda3e30
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Framework
Procurement Category
Services
Procurement Method
Selective
Procurement Method Details
Call-off from a framework agreement
Tender Suitability
SME, VCSE
Awardee Scale
Large

Common Procurement Vocabulary (CPV)

CPV Divisions

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

CPV Codes

79212000 - Auditing services

Notice Value(s)

Tender Value
£719,075 £500K-£1M
Lots Value
Not specified
Awards Value
£719,075 £500K-£1M
Contracts Value
Not specified

Notice Dates

Publication Date
17 Jun 20258 months ago
Submission Deadline
5 Feb 2025Expired
Future Notice Date
Not specified
Award Date
22 May 20259 months ago
Contract Period
22 May 2025 - 22 Sep 2031 Over 5 years
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
DEPARTMENT FOR EDUCATION
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
SW1P 3BT
Post Town
South West London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
Westminster
Electoral Ward
St James's
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

BDO

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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