Abstract: Based on the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2014 to 2020,this paper empirically analyzes the relationship among securities supervision,public welfare donation and audit fees. Results show that:Public welfare donation is positively correlated with audit fees. Securities supervision has a restraining effect on the increase of audit fees of public welfare donations.Regardless of strategic endowmentor non-strategic endowment,securities supervision has a significant restraining effect on the positive correlation between public welfare donation and audit fees. In the group of marketization level,the impact of public welfare donations on audit fees is more obvious in the areas with low degree of marketization. Compared to companies with low levels of internal control quality, companies with high levels of internal control donate more for public welfare and incur higher audit fees.