In the framework of principal agent theory and collaborative theory, this paper takes China’s A share state owned listed companies from 2007 to 2017 as research samples to empirically test the influence of CPA audit quality on the preservation and appreciation of state owned assets and the substitution effect of CPA audit and government audit on the preservation and appreciation of state owned assets. The research finds that high quality CPA audit is conducive to promoting the preservation and appreciation of state owned enterprise assets, CPA audit and government audit have a substitutive effect in promoting the preservation and appreciation of state owned enterprise assets. Research on further building the government audit BDS analysis framework have found that this substitution effect is mainly reflected in the fact that high quality CPA audits can effectively alleviate the pressure of government audits in expanding the breadth of the scope of state owned enterprise supervision, improving the depth of government audit objectives, and strengthening the “supervision” of government audits, But it will not affect the strength of the government audit “supervision”. The research conclusion is of enlightening significance for government audit institutions to make rational use of social audit resources, build a coordinated and efficient audit supervision system, realize the full coverage of audit of state owned enterprises, and promote the maintenance and appreciation of assets of state owned enterprises.