Under the modern risk-oriented audit mode, auditors pay attention to signals such as CFO turnover to identify and assess the risk of material misstatement in financial statements. However, there is scarce literature exploring whether this leads to a decrease in financial reporting quality. Taking A-share listed companies in the Shanghai and Shenzhen stock markets from 2010 to 2020 as the research object, this paper studies the impact of CFO turnover on the quality of corporate financial reporting. The result shows that CFO turnover increases the extent of accrual earnings management, the likelihood of reporting small profits, conducting financial restatements, and being issued non-standard audit opinions, which in turn leads to a significant decline in financial reporting quality. Moreover, when the CFO does not concurrently serve as an internal director, or the turnover is caused by external succession or abnormal reasons, or working in non-central enterprises, the negative effect is more pronounced. Further research indicates that CFO turnover reduces the quality of financial reporting by increasing the agency costs and information asymmetry of the company, ultimately subjecting the company to greater financial constraints.