About FAQ

Who we are

The Foundation for Audit Quality (FAQ) has been established to help build an environment of audit quality consciousness and to foster the identification, development and sharing of best practices to enhance governance and quality of financial reporting.

The FAQ is an autonomous, non-partisan and not-for-profit organization. It strives to help build capacity in the country, going beyond the big firms, for the delivery of high-quality audit services.

Our Purpose

The objectives of the FAQ are closely aligned with those of all market participants - enhancing trust and confidence in the accuracy and transparency in financial reporting and the efficient functioning of the capital markets. This is more clearly defined in the mission and vision statements:

The FAQ is committed to enhance excellence in the auditing profession by focusing on the following aspects:

  • Build greater quality consciousness in the profession
  • Create opportunities to network/build/share best practices among audit firms
  • Harness talent and skill building through knowledge dissemination on key matters/updates
  • Enhance audit quality through use of technology tools and other enablers
  • Engage with the government, regulatory bodies and standard setters on accounting and auditing matters.

The FAQ recognizes that it is not simply the auditor, but the entire reporting ecosystem, that would need to step-up in this endeavor to achieve enhanced financial reporting and audit quality.

Therefore, the FAQ and its activities will be primarily targeted at audit professionals, primarily the audit firms. We will also work closely with the regulatory and policy making ecosystem as it relates to the audit profession. We will also interact with industry, investors and the independent director community and take their inputs on our initiatives on audit quality.

The activities of the FAQ will ultimately serve the interests of all stakeholders interested in high-quality financial reporting and audits.

Our Activities

Support policy makers and regulators

Knowledge sharing between members of the FAQ through webinars, seminars and publications

Provide access to technology tools and other enablers to enable more effective audits

      Provide access to guides, research, reports, and technical alerts

Undertake research on emerging trends and issues impacting the field of auditing

Engagement on the development of policies relevant to accounting and auditing

Support the audit committee & independent director community in the area of financial reporting & audits

Governing Body

The FAQ is governed and run by an independent governing body which comprises of eminent personalities from the corporate ecosystem, including ex-regulators, Independent Directors, as well as people representing the audit profession.

Currently, the members representing the industry include Mr. S Mahalingam (ID & Former CFO TCS), Mr. Shailesh Haribhakti (ID and Former Chairman, Haribhakti & Co), Mr. Amit Tandon (Founder & Managing Director, Institutional Investor Advisory Services) and Ms. Kalpana Morparia (ID & Former Chairman South & South East Asia at J.P. Morgan & Co).

Dr. KP Krishnan
Dr. KP Krishnan
ID & Former Secretary, Government of India
Mr. S Mahalingam
Mr. S Mahalingam
ID & Former CFO TCS
Mr. Shailesh Haribhakti
Mr. Shailesh Haribhakti
ID & Former Chairman, Haribhakti & Co
Mr. Amit Tandon
Mr. Amit Tandon
Founder & Managing Director, Institutional Investor Advisory Services
Ms. Kalpana Morparia
Ms. Kalpana Morparia
ID & Former Chairman South & South East Asia at J.P. Morgan & Co
Mr. Sanjay Vasudeva
Mr. Sanjay Vasudeva
Chartered Accountant
Mr. Manoj Fadnis
Mr. Manoj Fadnis
Chartered Accountant
Mr. Sai Venkateshwaran
Mr. Sai Venkateshwaran
Chartered Accountant
Mr. Khushroo Panthakey
Mr. Khushroo Panthakey
Chartered Accountant
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