A possible resolution from Apple's dev. forums:
Apply Patch 14.4.4 from Microsoft AutoUpdate, then perform the following
1. Quit Outlook and PowerPoint
2. Head into ~/Library/Preferences (shift-cmd-G from the desktop)
3. Delete com.microsoft.outlook* and com.microsoft.PowerPoint*
4. Reboot
5. Start Outlook/PowerPoint
Outlook/PowerPoint should start up now, and ask to add a new account, but you can cancel this.