Award

GB-Sheffield: Covid Scheme Lender Audit & Assurance

BRITISH BUSINESS BANK

This public procurement record has 1 release in its history.

Award

03 Jun 2024 at 15:15

Award Notice
Summary of the contracting process

The British Business Bank has awarded a contract for auditing services titled "GB-Sheffield: Covid Scheme Lender Audit & Assurance" under the CPV classification code 79212000. The contract value is 4,438,800 GBP, with a tender period ending on December 15, 2023, and a contract period from April 1, 2024, to March 31, 2028. The contract was awarded to RSM UK Risk Assurance Services LLP, KPMG LLP, and Ernst & Young LLP. The procurement was carried out using the CCS RM6188 A&AS Framework, Lot 2. The audit will provide assurance on scheme administration and management.

This contract provides an opportunity for audit firms to engage in the delivery of audit and assurance services related to Covid scheme lender operations. Businesses specialising in auditing services, particularly those experienced in financial services and risk assurance, would be well-suited to compete for this contract. The audit will involve oversight of lender actions in line with guarantee agreements and lending limits, presenting an opportunity for firms with expertise in financial regulation and compliance to contribute to public-private partnership initiatives in the financial sector.

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Notice Information

Notice Title

GB-Sheffield: Covid Scheme Lender Audit & Assurance

Notice Description

British Business Financial Services Ltd (BBFS Ltd), an owned subsidiary of BBB, manage the debt schemes on behalf of the Secretary of State for DBT. BBB sets the policy for the schemes, manages performance, sets Annual Lending Limits for individual Lenders, manages day-to-day operations and monitors each Lender's use of the schemes. BBB works with accredited Lenders to manage scheme performance and to raise awareness of the schemes. Auditors are required, through the Delivery Partner (DP) Assurance Programme, to provide assurance to BBB that the participating Lender is correctly and effectively administering the scheme in line with the guarantee agreements and, where applicable, the side letters and Lending Limit Letters. In addition, the auditors oversee corrective action plans implemented (where required) by the Lender and provide BBB with Management Information to support BBB's supervision of the schemes. The Lender Assurance and Insights (LA&I) team, within the Small Business Lending function, administers the Assurance Programme. The Lender Audit and Assurance Forum (LAAF) oversees this activity, reporting to the Lender Performance Strategic Committee (LPSC) and Investment Committee (IC), as required. Additional information: This Procurement was done via competition using the CCS RM6188 A&AS Framework Lot 2 - External audit

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-dc3d230f-fa97-4a24-bc33-8f73f8d1257a
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/81ddae55-9f8a-47f2-980b-0a7ea6c0ad49
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not specified
Tender Suitability
Not specified
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
£4,438,800 £1M-£10M
Lots Value
Not specified
Awards Value
£4,438,800 £1M-£10M
Contracts Value
Not specified

Notice Dates

Publication Date
3 Jun 20241 years ago
Submission Deadline
15 Dec 2023Expired
Future Notice Date
Not specified
Award Date
15 Dec 20232 years ago
Contract Period
31 Mar 2024 - 31 Mar 2028 4-5 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
BRITISH BUSINESS BANK
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
SHEFFIELD
Postcode
S1 2GQ
Post Town
Sheffield
Country
England
Major Region (ITL 1)
TLE Yorkshire and The Humber
Basic Region (ITL 2)
TLE3 South Yorkshire
Small Region (ITL 3)
TLE32 Sheffield
Delivery Location
Not specified
Local Authority
Sheffield
Electoral Ward
City
Westminster Constituency
Sheffield Central

Supplier Information

Number of Suppliers
3
Supplier Names

ERNST & YOUNG

KPMG

RSM UK RISK ASSURANCE SERVICES

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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