Depends on what you consider 'faults'
In literally all of my business management, leadership management, organization behavior, human resources, and personal self improvement courses, seminars, and classes, one of the big things about goal setting, success, and improving yourself is not only identifying your strengths, but also your weaknesses.
Identifying strengths is largely being able to say "What am I good at?" or "Where can I be useful with little effort?" or "Where am I most needed?"
Identifying weaknesses is not just avoid the areas you don't excel, but literally saying "Where can I improve?" and "Is there a different method that I can do this or be this?" or "How can I identify aspects of other people that help in this deficiency?"
"Admitting" faults or weaknesses doesn't mean you have to shout it to the world. But it's important to be able to identify, recognize, and index where you feel you're lacking, so you can fit that integral part into your life properly.
If you want to discuss this further feel free to PM me.