When someone hits the report post button an alert is sent to the entire site team who are volunteers and not always available. Depending on the issue one of several things will happen:
1. The post or thread would be removed from view pending some decision by the site team about how to handle the issue (restore the content, leave it removed, slap someones hand etc). Often the OP of the thread would be messaged that this has occurred and directed to not repost the content in the interim.
2. if the reported post is spam or some clear cut issue, a single moderator may take some action like banning a spammer and removing the content.
3. If the issue is less clear cut, the site team typically would discuss the issue, come to a consensus and then act. This can take some time as not everyone is always available.
4. Where significant action is taken on a post or thread or a members account may be restricted due to an issue (doesn't happen very often), moderators are expected to not act unilaterally - having several folks look at an issue and weigh in on it brings some balance.
5. None of the above is applicable for spammers. There is no mercy for spammers and swift action by a lone moderator is expected. That action might be reviewed at a later point by the site team if there is the possibility of an error but again, it rarely happens.