The impact of accounting supervision by China's Ministry of Finance on the capital markets has grown significantly in recent years. Using data from China's Ministry of Finance random inspections from 1999 to 2022, this study examines the effects of government accounting supervision on corporate stock price crash risk. Employing a staggered difference-in-differences (DID) approach, the findings indicate that government accounting supervision significantly reduces the risk of corporate stock price crashes in supervised firms. Heterogeneity analysis reveals that the correlation between government accounting supervision and stock price crash risk is stronger when a company has a low marketization level, high equity concentration, low political affiliation, low audit quality, and low media attention. Findings contribute to the literature on determinants of crash risk and provide empirical support for the effectiveness of government accounting supervision in mitigating financial risks. This study offers valuable insights for policymakers while suggesting that strengthening accounting supervision can enhance market stability and investor protection when considering regional economic development and corporate ownership structures.