This paper places emphasis on how the information risk related to earnings management affects the publication of audit opinions.Using the sample of the A-share Chinese listed companies from 2003 to 2013, it shows that unlike previous assumption that it does not affect information risk, earnings management has the important effect on performance volatility. According to this conclusion, it defines performance volatility related to earnings management as information risk related to earnings management, and then finds that higher-degree information risk related to earnings management leads to bigger possibility of non-standard audit opinions obtained by listed companies, and the sensitivity of audit opinions to information risk related to earnings management is significantly bigger than the sensitivity of audit opinions to fundamental risk, showing the active role of audit opinions in the certification of information risk resources, owing to different audit certification achievement ways of two kinds of information risk.The conclusions not only raise and confirm the usefulness of information risk related to earnings management in helping to identify extremely significant earnings management for the first time,thereby theoretically extending the research of information risk and the determinant factors of audit opinions, but also have the important enlightenment to risk assessment and investment decision-making in practice.