Audit and Assurance Services for Income Contingent Repayment Student Loans Monetisation Programme
Department for Education · awarded 23 May 2025
Who
| Buyer | Department for Education London |
|---|---|
| Supplier |
BDO LLP |
| Category | services |
| Classification | Auditing services CPV 79212000 |
| Notice published | 17 June 2025 |
What it is for
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.
Read the original award notice on Contracts Finder →
Other contracts from this buyer
845 awards on file, worth £5.9bn.
| Awarded | What for | Buyer | Supplier | Value |
|---|---|---|---|---|
| 13 Dec 2024 | con_26350, con_26351, con_26352 & con_26353 Award of Framework Agreement for the…North East | Department for Education | UCL Consultants Ltd +3 | £250.0m |
| 4 May 2021 | High Potential ITT and Leadership Development Programme 2022/23 (was con8379) con_8477North East | Department for Education | Teach First | £112.7m |
| 31 Jan 2025 | Media Buying - Crown Commercial Services Call-Off for DfE 2025/26 - con_26539 | Department for Education | Manning Gottlieb OMD | £90.7m |
| 3 Apr 2025 | Call off agreement of the RM6288 Workforce Solution framework | Department for Education | Alexander Mann Solutions Ltd | £72.0m |
| 18 Dec 2025 | Wales High School - Main Works (con_29682)North East | Department for Education | BAM Construction Ltd | £71.8m |
Everything Department for Education has awarded →
Other contracts won by this supplier
66 awards on file, worth £196.6m.
| Awarded | What for | Buyer | Supplier | Value |
|---|---|---|---|---|
| 19 Nov 2025 | Audit Services for Health (SBS10517) | N H S Shared Business Services | 360 Assurance +32 | £150.0m |
| 15 Jul 2023 | Resolution Procurement Framework Agreement 2023England | BANK OF ENGLAND | KROLL (U.K.) LIMITED +18 | £20.0m |
| 10 Dec 2024 | Office for Students: Framework for the Assessment of Financial Risk and Transformation…South West | Office for Students | BDO LLP +4 | £4.0m |
| 14 Jun 2024 | External Audit Services | Coventry University | BDO LLP | £2.6m |
| 9 Apr 2025 | Restructuring and Pre-Insolvency Services (RPIS) FrameworkLondon | Pension Protection Fund | BDO LLP +10 | £2.4m |