Financial controls need work at code author's company.

(From Accountancy Age)

Sir Robert Smith, author of part of the combined code on corporate governance, has admitted the company he chairs needs to tighten financial controls, after it revealed that GBP4.2m paid for work on Iraq's oil for food programme could not be traced.

The admission by the Weir Group chairman, and author of the corporate governance recommendations on audit committees, has also prompted angry demands by a leading charity for more transparency from companies dealing with the developing world.

A statement from Weir said it had 'not been able to establish' the ultimate recipients of payments made to agents, after prices payable on …