Microsoft has released the Microsoft Office for Mac 2011 14.2.2 Update. (110 MB) This one update includes the five prior updates 14.1.1 through 14.2.1.
According to the update’s description it addresses two security issues.
The security fixes (MS12-029 and MS12-030) correct remote code execution vulnerability across both Windows and Mac versions of Office, however, Macs are not vulnerable to these attacks according to each knowledge base article.
Users should quit all Office applications and web browsers prior to updating. This update should also be available via the Microsoft AutoUpdate application within one day. Select Check for Updates from the Help menu. It is also available for immediate download.