Based on a sample of China listed firms over 20002012, we test and find that, with exception of RAM, firms' opportunistic operating decisions are positively associated with higher audit fees and the likelihood of modified audit opinions. In the additional tests, we also find that the relationship between RAM and audit fees or the likelihood of modified audit opinions are more sensitive with the promotion of rule of law, and a substitution relation in auditor's choices between charging more audit fees and issuing modified audit opinions. Overall, the evidence suggests that auditors take actions to share risk with clients involving in the aggressive RAM, and regulators should pay more attention to auditors' risk sharing behavior.