According to the audit insurance hypothesis， audit fee is the important economic relation between accounting firms and public companies. This paper examines the relationship between financialization of non-financial enterprises and audit pricing. The results show that financialization leads to an increase in audit pricing. The mechanism that drives the result is as follows： with the increasing financialization of non-financial enterprises， audit work becomes more complex， as a result， industry specialist auditors will charge higher audit fees to cover the audit costs they spend without asking for the risk compensation. But when client bargaining power is low， the auditors tend to charge risk compensation， which vanishes as the client bargaining power grows. The results indicate that financialization leads to an increase in audit pricing， and audit fees mainly represent audit input compensation rather than risk compensation.