There are more and more returnees in audit committee, and its impact on the governance effectiveness of audit committee deserves attention. Based on this, taking goodwill impairment provision as a breakthrough point, using listed companies with goodwill events in Chinese capital market from 2008 to 2016 as samples, this paper tries to analyze the governance effectiveness of audit committee by examining the relationship between returnee background of audit committee and goodwill impairment provision. The results show that:(1)Returnee audit committee has significantly improved degree of goodwill impairment;(2)When the degree of earnings management is higher, the positive effect of the returnee audit committee on degree of goodwill impairment is more significant;(3)Audit quality hinders the promotion of returnee audit committee to degree of impairment of goodwill;(4)Returnee audit committee increasing audit fees, and goodwill impairment provision plays a mediation role in the above process. This paper enriches the relevant literature in the field of returnees economic consequences, and helps us to understand how returnees audit committee exerts an impact on goodwill impairment provision.