Taking 30 province?level panel data from 2015 to 2020 as samples， this paper constructs a model to study the impact of government auditing on systemic financial risks. The findings are as follows： Government auditing reduces systemic financial risks， and its functions of handling and punishing in auditing as well as increasing revenues and reducing expenditures have a restraining effect on systemic financial risks. Government auditing has a significant impact on systemic financial risks by restraining the debt risks of local governments. The governance ability of local governments plays a positive moderating role in the process of government auditing affecting systemic financial risks. The higher the regional legislation is， the stronger the restraining effect of government auditing on systemic financial risks will be.