Time Zone Settings Exchange
Events created on your iOS device are send to an Exchange server.
This server converts your iOS Time Zone settings to UTC (Coordinated Universal Time),
When it comes back to your iOS device, it's not converted back to local time.
This isn't an app specific issue, it's a general iOS Operating System synchronization issue.
Using Outlook and a Mac
Please ensure you installed "Microsoft Office for Mac 2011 14.3.2 Update"
"Coordinated Universal Time was not included when you created a calendar event in Outlook for Mac Adds Coordinated Universal Time (UTC+0 without a DST offset) to the list of available time zones when you create a calendar event."
Using Outlook for Windows
With Time Zone Data Update Tool you can fix appointment times
32 bit http://www.microsoft.com/en-us/download/details.aspx?id=17291
64 bit http://www.microsoft.com/en-us/download/details.aspx?id=16271
Check http://support.microsoft.com/kb/2298834 how to correct time zone setting in Outlook Web App in Office 365