How can I indicate "NEW" content in faq module after updating an entry?
To do this you can use the Computed Field module.

Add a field to your FAQ content type and select Computed Field as the type.

In the Computed Code (PHP) box add the following code:

$entity_field[0]['value'] =node_mark($entity-&gt;nid, $entity-&gt;changed);


In the Display Code (PHP) box, enter the following:

$display_output=theme('mark', array('type'=&gt;$entity_field_item['value']));


Set the field NOT to store the value in the database.

Go to admin/structure/types/manage/faq/display, move your field above the answer field, set the label to Hidden and the display format to Unsanitized.

This will display either 'New' or 'Updated' as the case may be for the FAQ page, just as it is displayed on the content list..