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How many times will we need to learn that the audits and auditors are not always doing a good job?

substitute "not always" with "almost never".

Edit: The problem is that companies get to pick their auditors. Since the auditors sell a homogenous product (it doesnt really matter, who signs off you yearly report), the only way the big four accounting firms can compete is by being cheaper and/or more "favourable" to the customer. Both not that great for the customer (which actually should be the shareholders and in reality its mostly the board).

Shouldn't there be a market for a tough auditor? Now a healthy company has a hard time convincing investors that there are no hidden problems. With a tough auditor, you could gain more trust and thus cheaper interest rates.

That would have to be on the investor's side, otherwise the incentives aren't aligned.

If enough of the market is cheating then it puts you at a disadvantage if if you aren’t cheating (the fake market sees your fair baseline as a threat to future cheating)

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