Under the mandatory rules, the number of company disclosing non-standard internal control audit opinions is on the rise, but it is subject to inspection whether these non-standard internal control auditing opinions has information content. On the basis of the efficient market hypothesis, with the data of Shanghai and Shenzhen A-share listed companies for 2011 to 2014 as the object, this paper follows event study method to empirically examine the market reaction of listed companies in the type of non-standard internal control audit opinion after the disclosure of internal control audit report. Furthermore, this paper makes an empirical analysis of the relationship between different types of non-standard internal control audit opinion and market reaction. The research indicates that in the listed company with non-standard internal control auditing opinions, there exists a negative cumulative abnormal return within a short period after the disclosure of the internal control report, but there is no difference in market response between no reserves with emphasis on items and reserved opinions/in-expressible opinions. It suggests that the internal control audit opinion has value relevance, which can urge the management to strengthen the construction of internal control, but the internal control audit quality should be improved.