Taking A-share of Shanghai and Shenzhen main board market as the research object, this paper comprehensively uses two-stage regression test, double cluster test and adjustment effect analysis method to explore the influence mechanism of financial crisis earning warning information on types of audit opinions. The results show that the enterprises whose financial crisis indicators worsen are more likely to be issued non-standard opinions, which is more obvious in the economic downturn. The results of two-stage regression test and double cluster test are still robust. In addition, the regulatory effect of business cycle on enterprises with different audit subjects, different property rights, in different economic regions and different scale is significantly different. Under the risk-oriented audit mode, the auditor can take the financial crisis warning information of customers as an important reference for audit risk judgment.