Hello Brian,
AFP11-44278 is superseded by APSB12-22 in the latest Patch Data 7.1.365. Compliance report does not show superseded updates, so you will not see AFP11-44278 in compliance reports - APSB12-22 should be shown instead of AFP11-44278.
Please also be aware that AFP11-44278 applies only to Adobe Flash 11 (not Adobe Flash 10) - it will not be detected as applicable in case if you have Adobe Flash Player 10 or less installed on your clients.
In case if you really have Adobe Flash Player 11 installed on machine, but APSB12-22 bulletin does not appear in compliance reports after importing the latest Patch Data and executing Windows Assessment Scan on clients, please attach STPatchAssessment.log & STPatchAssessment.xml from affected client. Files are located at "C:\Program Files\Altiris\Altiris Agent\Agents\SoftwareManagement\Software Delivery\{6D417916-467C-46A7-A870-6D86D9345B61}\cache\"
Also please attach screenshot from compliance report where issue is observed
Thank you,
Roman