I am new to Premier Pro CC but and old hat at Premier Elements. I've never had issues with recording narration in Elements but I can't record it in Pro.
I have selected my audio input under prefrences. I am using a M-Audio Fast Track Pro. USB connection
On the audio track I selected for my audio, I have no "R" to click on and there are no audio controls (play, pause, record, ect) at the bottom of the audio pane.
What am I doing wrong?
Make sure you are in the Audio track mixer panel and not the Audio clip mixer.
Premiere Pro has a history of problems with USB audio. Attach a normal mic to the mic input instead.
If you have a new system I have found that the latest driver installed on Windows 7 or 8 does not properly support Premiere Pro CC.
Unistall the the current driver and download the previous version from Avid.
Look for the Windows December 2010 driver #6.0.7.
After installing it you should see the M-Audio "Red Arrow" icon in your taskbar tray that you used to see.
Go into your audio hardware settings in Premiere and click on your ASIO settings. On the input tab you should have Fast Track Pro options.