Hello,
Here are the Answers to your Questions -
1) i configured exceptions to prevent particular files/folders from being scanned using sepm. But when I go to the client gui, under the exceptions section, i do not see the exception listed. Is this normal?
Yes, It is normal. Exceptions created at SEPM level are administrator level exceptions and would not be seen at the SEP Client GUI.
2) if i create/modify a policy on sepm, where on the client and server do I check to see if/when the latest policy was applied for the respective client?
To verify if the exceptions are made at the client level, check this Article:
How to Verify if an Endpoint Client has Automatically Excluded an Application or Directory
http://www.symantec.com/docs/TECH105814
Hope that helps!!