We examine whether and which type of AC expertise is associated with risk oversight beyond the financial reporting process. We find that the industry, legal, and combined accounting and industry expertise of the AC are negatively associated with the likelihood of non-GAAP-related securities class action lawsuits. Next, case settlement amounts are lower when ACs have accounting and industry expertise. Combined accounting and industry expertise is also negatively associated with the scrutiny of plaintiffs’ lawyers and ESG incidents and ROA volatility. Finally, firms are more likely to appoint AC members with combined accounting and industry expertise, rather than other types of expertise, following lawsuits. The evidence suggests that audit committees possessing both accounting and industry expertise provide effective oversight across various aspects of corporate risk-taking.