The mandatory internal control (ICFR) audit system, which has been implemented since 2012, is an important institutional innovation in the capital market and has a close relationship with the internal management of enterprises, while its relationship with corporate Risk-taking ability has received less attention from scholars. This paper uses the data of listed companies in Shanghai and Shenzhen from 2009 to 2019, and utilizes the Notice on the Implementation of Enterprise Internal Control Regulation System in 2012 for Main Board Listed Companies in Categories and Batches issued in 2012 as a quasi-natural experiment to test the impact of mandatory ICFR auditing on enterprise Risk-taking ability through multiple time point Differences-in-Differences method. It is found that mandatory ICFR audits significantly improve firms' Risk-taking ability, and this positive effect is more pronounced for non-state-owned enterprises with higher information transparency and a higher degree of separation of powers. The paper further investigates the mechanism of financing constraints in which the results show that mandatory ICFR auditing enhances firms' Risk-taking ability by reducing the degree to which firms are subject to financing constraints.