The modern risk oriented audit (MROA) is the model adopted by the International Auditing and Assurance Standards Board (IAASB) for the global auditing and assurance profession. This is also the model adopted by the U.S. Auditing Standards Board (ASB) and the Public Company Accounting Oversight Board (PCAOB). By analyzing audit fees and auditors’ opinions for 1,321 publicly traded companies on the Shanghai and Shenzhen Stock Exchanges in China from 2004 to 2008, this study critically reviewed the value as well as the effectiveness of the model, and inherent problems in the implementation of the modern risk oriented audit. Specifically, audit fees increased significantly in China during the sample period as a result of the issuance of new auditing standards by the Chinese Finance Department in 2006. But the auditors’ opinions did not yield anticipated results.