You can log into your email however you normally do and check the settings. If IMAP is available you will see a setting for it somewhere. It is most likely only POP.
If you setup the email in BIS then bidirectional sync will not happen. This is a limitation of BIS. Only BES supports this currently, but supposedly this year RIM will update BIS to support this feature.
BTW, if when you open emails on the BB they show up as read in Outlook, then your account setup is OWA and not POP. POP accounts don't support wireless reconcile for read/unread either.
Search is your friend. You'll learn a lot if you're curious about BIS and BES. Basically BIS is the way you have email setup now. If your company had a BES server you'd be running the "Enterprise Activation" wizard (BTW, do not run this just out of curriosity) instead of the "Setup EMail" wizard. It's the two ways the Blackberry device does EMail.
So, just to make sure I understand this correctly... If I am using OWA to access my email via BIS, my emails will only reconcile one way. That is, if I read a new email from my phone, my email be change to 'read' on my desktop Outlook. However, if I read a new email from my desktop Outlook, my phone email will still indicate that the message was 'unread'. Is this correct?