CASE STUDY Gordon Ltd (Gordon) engaged an expert, a Registered Valuer, in the valuation of the life of tractors to advise on the expected life of its tractors. The expert concluded that the tractors had a potential maximum life of 15 years. As a result, Gordon Ltd's board resolved to change the depreciation of the tractors from the current 10 years to 15 years on a straight-line basis.

You are planning the audit of Gordon Ltd and are considering your audit approach to fixed assets.

Required

Explain what you will need to do if you want to rely on the work of the expert in relation to the useful life of the tractors