CFOs and audit committees are in a position of supervising and being supervised, yet there is little literature on the impact of CFOs serving on audit committees in depth. This article takes all A shares from 2010 to 2020 as a sample to explore the impact of CFO’s concurrent audit committee membership on financial restatements. The study finds that CFO’s concurrent audit committee membership is positively related to financial restatement, but accounting firm size, audit committee diligence, and internal control can weaken this positive relationship. Further research finds that the year of CFO concurrently serving as a member of the audit committee is positively correlated with financial restatement, and CFO overconfidence plays a partial mediating role in this positive correlation. The research conclusions of this paper have certain guiding significance for improving the corporate governance structure.