Question:

Can the PowerPoint files of CLM Content be edited when using an iPad PPT application with a subscription to Office 365?

Answer:

The presentation is Read-only when initiating it from CLM of iRep. With a Microsoft license, users can save a copy to edit the presentation in PowerPoint. The edited version cannot be saved back to the CRM media library, but it can be saved to other locations to which the PowerPoint app has access. 

Related Documentation:

Vault Help Documentation: Displaying Presentations