The annual report risk information of listed companies is an important source of information for understanding the current operating status and predicting future development of the company. It has information increment value, but is easily influenced by management information manipulation. The audit committee, as an independent mechanism of corporate governance, has an internal supervisory role over the management. Based on this, this article uses the risk information disclosure data of listed companies from 2010 to 2021 to empirically test the governance effect of audit committees on management information manipulation. Research has found that the stronger independence, diligence, and professionalism of audit committees, the higher the level of risk information disclosure in annual reports, and there are differences in the governance role of audit committees in different market environments. The mechanism test results indicate that internal control has played a partial mediating role; in addition, the governance role of the audit committee is more significant when the internal governance environment is weak and external supervision pressure is high. The conclusion of the article expands the research on the influencing factors of risk information disclosure in annual reports, and comprehensively measures the level of disclosure by constructing risk information indicators of different dimensions, confirming the governance effect of audit committees on management information manipulation, providing important support for regulatory authorities to further improve the risk information disclosure system of listed companies.