Based on the incomplete information game，the paper examines the relationship of corporate risk taking and audit quality using a large sample of China listed companies for the period 2004—2014.We find that corporate risk taking is significantly negative correlated with the audit quality；we also find that the negative association is more obvious in companies which are in a lower level of rule of law areas and are audited by big four.Further results show that only when the information of high corporate risk taking and low audit quality is not disclosed can the corporate values improve.