Yes!
You can work with (Open, Edit, Save, Create New, etc) Microsoft Office documents on your iPhone, iPad, iTouch, any iOS device.
The best app we have found for doing so is Quick Office Connect Mobile Suite.
This app hooks up to your DropBox account and allows you complete access to any Word, Excel, or PowerPoint document on the go.
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http://www.anysitesupport.com/can-i-work-with-microsoft-office-documents-on-my-iphone-ipad-itouch/