For the record, what computer operating system is your Premiere Elements 11 running on?
Is this audio linked to video when it is imported or is this a standalone audio file?
If the audio is linked to video, are you seeing any slow motion effects in the video?
Now let us get into the details of your project setup.
What are the properties of your source media, video as well s audio, and what are you or the project setting as the project preset to match the properties of the source media? I am looking for video and audio compression, frame size, frame rate, file extension, pixel aspect ratio, etc.
When your audio does not sound like the original during playback in the Premiere Elements Edit Mode monitor, are you listening to and watching the video/audio of the rendered or unrendered Timeline content?
When you import your audio (with or without linked video) do you see any conforming going on as evidenced by a conforming progress bar at the bottom of the interface?
Let us start here and then decide what next?
Thank you so much for the response, I actually installed an update that was available and am no longer experiencing this problem! Strange, but thank you for your help
Always good to get good news.
Out of curiosity, what update did you install for Premiere Elements 11 that appeared to resolve your audio issue?