The purpose of this study is to examine the effects of CFO gender, board gender diversity and the interaction of both factors on financial reporting quality (FRQ) proxied by restatements. Restatements indicate inaccurate financial reporting. We use fixed effects conditional logistic regression models to compare firms with and without restatements matched by size, industry, and year. Our unique matched–pair sample consists of 546 listed US firms from the period 2005–2016. Our results provide evidence that restatements are less likely when the CFO is a woman and when a higher proportion of women serve on the board of directors (BOD). Considering the interaction effects, we find evidence that women on the BOD are more effective at reducing restatement likelihood when the CFO is also a woman. And that, although female CFOs reduce restatement likelihood generally, they have no statistically significant effect on restatement likelihood when the BOD is all-male. To the best of our knowledge, this study is the first to consider how FRQ is affected by the interaction effects of CFO gender and board gender diversity. The findings corroborate upper echelons theory and extend the understanding of the effects of managerial gender diversity at a time when firms face growing pressure to increase gender diversity at the highest levels. The unique sample, methodology and findings provide new insights into the impact of gender on FRQ that has important policy implications.