Taking China’s A-share private listed companies that shared certified public accountants with government-audited central enterprise groups from 2008 to 2019 as a research sample, this paper explores the relationship between government audit, regulatory inquiry letter and abnormal audit fee based on behavioral consistency theory. The study found that government audit can significantly reduce abnormal audit fee; in the supervision of abnormal audit fee, for private listed companies, the pre-approval supervision of government audit and the post-approval supervision of regulatory inquiry letter have a substitution effect; The impact of government audit on abnormal audit fee and the substitution effect of government audit and regulatory inquiry letter is more significant in the sample of the “Top 10” accounting firms. The conclusion enriches the research on government auditing, private listed company supervision and abnormal audit fee, and provides theoretical reference for promoting the self-discipline of the CPA industry and the high-quality development of private listed companies.