Your vendor proudly displays their SOC 2 badge, ISO 27001 certificate, and PCI DSS validation. But are they actually secure, or just compliant? As security professionals increasingly rely on third-party audit reports for vendor risk decisions, most don't know how to read what these reports actually say or what they carefully don't say. Every major compliance framework has built-in escape hatches that sophisticated vendors exploit to achieve compliance while deferring real security work. In this session, you'll learn to read audit reports like an auditor. Discover why "accepted vulnerabilities" in PCI assessments may signal systemic risk, how SOC 2 management responses become indefinite deferrals, and what compensating controls really mean. You'll leave with framework-specific red flag checklists, questions to ask vendors, and a template for standardizing vendor report reviews.