FMEA was originally designed and applied as a preventative fault evaluation method for industrial quality management. In over 60 years, it has undergone considerable development and wide application. The thesis applies the FMEA (Failure Modes and Effects Analysis) in the audit of corporate financial risk according to the design ideas and evaluation method of FMEA and on the basis of corporate financial risk management and FMEA, and has obtained very good achievements. The risk evaluation mode for audit of corporate financial risk based on FMEA is obtained through analysis of product FMEA risk evaluation technology in accordance with the characteristics and requirements of financial risk audit. The empirical study shows that the application of FMEA in the audit of corporate financial risk can effectively achieve the purpose of prevention in advance, reduce risk, and improve the scientificity and effectiveness of audit results.