The purpose of the 'Report' feature, is for normal users to notify their company admin of any shoutout or comment that may not be considered work appropriate. The user sees the report option when clicking on the three dots to the right corner of the shoutout/comment and selecting 'Report'
The report button does not show on admin profiles, as the alert is sent to the admins.
This will then notify the company admins that a post/comment has been flagged for your review. You can determine if you need to take any action regarding the post/comment or not. You can delete the shoutout if you deem it inappropriate or if you do not think any action is required you can simply ignore the email.
Nothing needs to be done to 'un-flag' a post/comment.
PLEASE NOTE:
The points are not affected unless the shoutout/comment is deleted.