Membership - Terms and Conditions

MEMBERSHIP OF THE FAQ’S RESOURCES AND ACTIVITIES

FAQ will serve as a comprehensive resource for its member firms and practitioners, supporting them in the strengthening of their audit practice, through its resources and activities. In addition, FAQ will provide members with an opportunity to network and exchange information with other member firms, who, like their own, have demonstrated a commitment to public company audit quality.

Membership of FAQ

Any eligible individual practitioner (Chartered Accountant) or an audit partnership firm may seek the membership of FAQ by submitting an application in the prescribed form. The application will be considered by FAQ on the basis of whether the applicant practitioner or firm meets the membership eligibility or other criteria, and agrees to comply with the requirements for the applicable class of membership, as determined by FAQ Governing Body, and in effect, at the time of FAQ’s receipt of the application.

The following classes of membership will be offered by FAQ. This may be suitably amended by FAQ Governing Body from time to time.

1. Founder Membership: An individual practitioner or an audit partnership firm that meets the criteria defined for obtaining the lifetime membership of FAQ, and by making a payment to FAQ of an amount determined by FAQ Governing Body, signs up for a lifetime membership, at the time of the initial constitution of FAQ or within a period of six months from such initial constitution will be given the status of a founder member.
2. Lifetime Membership: Any individual practitioner or an audit partnership firm, other than a Founder member, that meets the criteria defined for obtaining the lifetime membership of FAQ, may, by making a payment to FAQ of an amount determined by FAQ Governing Body, become a lifetime member.
3. Annual Membership: Any individual practitioner or Audit partnership firm that meets the criteria defined for obtaining the annual membership of FAQ, may, by making a payment to FAQ of an amount determined by FAQ Governing Body, become an annual member. The annual membership fees will be charged on a fiscal year basis, and for members who join in the middle of a year, will be charged on a pro-rata basis for the number of months remaining, including the month of joining.

Eligibility

The membership of FAQ shall be approved by the Governing Body.

Benefits and Membership

For each class of members, the Governing Body may decide their entitlements and benefits.

FAQ will help a member practitioner or firm to demonstrate its commitment to audit quality and shaping the profession's role and position in the regulatory environment. Ordinarily, the members of FAQ shall be entitled to participate in activities and attend events of FAQ. The members will be entitled to receive the monthly/quarterly/annual newsletters/publications and/or the subscription to thought leadership publications of FAQ.

FAQ aims to offer resources to enhance the quality of a member practitioner or firm's audit practice, including:

1. Representation of firms' views before standard setters and regulatory bodies on policies relating to financial reporting and audit, with a focus on enhancing audit quality.
2. A point of access to the latest developments in financial reporting and auditing rules and regulations, including through periodic updates on current issues through webcasts and other events.
3. An opportunity to network and exchange information, including sharing best practices with other member firms.
4. Harness skill and talent building through knowledge dissemination on key matters and updates
5. Enhanced use of technology tools and enablers with a view to increasing audit quality

Role of the Members

1. Endeavour to actively participate in the activities of the FAQ.
2. Uphold the values of the FAQ.
3. Provide donations to FAQ to take forward the objects of FAQ.
4. Not speak on behalf of FAQ or the Board or the Governing Body unless specifically requested to do so.
5. Do all acts, deeds and things keeping in mind the best interest of FAQ.
6. Contribute through the volunteering efforts as well as other contributions of intellectual capital, such as:
   1. Taking the lead for certain initiatives from the annual plan;
   2. Volunteering time on the technical directorate;
   3. Contribution of tools and enablers / supporting their development;
   4. Authoring publications; and
   5. Speaking at events / webinars organised by the FAQ.

Registration and Reinstatement

Any member may withdraw their membership and the said withdrawal shall become effective upon acceptance by the Governing Body. The Governing Body may withhold acceptance, however, until all dues have been paid and/or all FAQ’s funds and property have been returned to the Governing Body. Any member who has so withdrawn their membership may be reinstated on application being made to and at the discretion of the Governing Body.

Termination

The Governing Body shall be empowered to terminate the membership of any member of FAQ upon occurrence of any of the following events:

1. Upon the death of a member or a member becomes of unsound mind
2. If any member is involved in or convicted of any criminal offence involving moral turpitude.
3. If any member conducts themself in a manner that is found to be contrary to the objects of the Trust or contrary to public policy.
4. Upon written notice submitted by the member to the FAQ
5. Upon the member’s failure to meet the eligibility criteria or membership requirements
6. Upon revocation of the firm’s registration by the Institute of Chartered Accountants of India or the National Financial Reporting Authority or any other regulator, as applicable, from time to time.

Donations

All members may at their discretion provide non-refundable donations to FAQ. Founder members or any other member may donate funds in relation to a specific activity, event, cause, etc.

Subscription Fees

The Board of Trustees may decide to charge annual subscription, either itself or through the Governance Body. All subscription collected by FAQ shall be non-refundable. The Trust may also have a subscription-based model and collect fees from its subscribers for usage of tools, database and other materials developed by the Trust.

Failure to Pay

The Secretariat shall give a written notice of 30 days to any member of the Trust, whose fees have become due. Such fees or dues shall immediately be paid by the such member upon receipt of notice. In the event any member fails to pay any fees or dues within the period specified in the notice, the Governing Body may terminate the membership of such person at its discretion. The fees should ordinarily be paid in advance.