Is it acceptable to use an iPhone for an interview?

So, I work for a college radio station and I'm getting a chance to a panel interview with Simon Pegg, Nick Frost, and Edgar Wright, as they're promoting their new movie, The World's End. I talked to my boss and said it needs to have "acceptable audio quality". There will most likely be a transcript of the interview and an audio file that people can listen to on our website. However, the only thing I have to record is an iPhone. Would this be acceptable to use in a panel interview like this? Suggestions?

No way, without a separate mic and proper recording app.

Your boss is right. I would reject anything like that at the 8 radio stations where I work. Especially with more than one subject, the sound will be bad. It might work one on one, if you carefully put it up to each of their faces, within a foot or so when each spoke and when you spoke but even then the results would be marginal. Most people would be uncomfortable with you doing that and it takes away from the spontaneity of the interview. If you can somehow get an extra couple of mics through a mixer then into the mic input, that would do it, otherwise it's real low rent radio and unacceptable for any quality broadcast.