This paper takes China’s A-share listed companies of the year 2011—2016 from Shenzhen Stock Exchange motherboard as samples, uses the level of earnings management to measure the quality of audit and uses the company’s illegal data to measure the risks of operating and trading violations and false disclosure risks to investigate the risk suppression effect of Internet media attention. The results show that the network media attention and audit quality have a risk suppression effect, and the network media attention to risk suppression is more significant. Furthermore, the inhibitory effect of Internet media on risk is mediated partly by the quality of audit. Therefore, audit quality plays a partial mediating role between network media and risk suppression.