Answer: 

Step 1: Ensure the client is not in need of a reboot: TECH127365

Step 2: Ensure the client has consumed a Patch License: HOWTO59456

• Ensure the client's Patch License consumption is in order and the client is receiving the PM 7.X Patch Microsoft Vulnerability Analysis Policy package: TECH170397
• Ensure the client's Patch License is consuming as detailed for PM 7.1 SP1, SP2 or MP1; Windows System Assessment Scan: Step 6: HOWTO56242 

Step 3: Clear the Server-side data hash for Patch Dataclasses: HOWTO60749

Step 4: Configure Client to trap Notification Server Event (NSE) files: HOWTO4191

• These files can be later viewed with Notepad following a Patch Inventory Scan
• Copy / Paste these files onto the Management Server into the default location: C:\Program Files\Altiris\Notification Server\NSCap\EvtQFast folder.
  • Watch the logs to see if these files are failing to process with errors
• Note: Right-click / Open with > Notepad - ensure the file type is not associated with the Notepad.

Step 5: Force a scan of the Patch Management Inventories: HOWTO58971

Step 6: Review troubleshooting Patch Report inaccuracies: TECH167291

Step 7: Ensure the Patch Plug-ins are current with the current SMP / Altiris Agents; location detailed on KM: HOWTO56242 

The NSE should display the update name and data confirming the update IsInstalled / IsAppplicable. Most common problems are outlined in this article; however, there may be a problem with the Altiris Agent failing to gather NSE's and return them to the Management Server, and this lies outside Patch Management Solution. An uninstall / reinstall of the Altiris Agent may be in order to resolve this issue.