Using the sample of corporate bonds issued by A share listed firms from 2018 to 2019, this paper examines the impact of critical audit matters on the corporate bond rating. This paper finds that the more positive the conclusive evaluation of critical audit matters, the higher the corporate bond rating. Moreover, the positive effect of conclusive evaluation of critical audit matters on corporate bond rating is more pronounced in firms audited by auditors with higher competence and independence. The results are robust after controlling the endogenous problem with PSM and Treatment Effect Model. The mechanism test shows that the conclusion evaluation of critical audit matters increases corporate bond rating by enhancing credit rating analysts confidence in the reliability of accounting information related to critical audit matters. This paper contributes to the understanding of the audit report standard reform consequence from the perspective of corporate bond rating.