Thank you Bill,
I poked about in Edit/Preferences and found that my Audio Hardware Default Device was assigned to Premiere Elements Windows Sound and not Edirol UA-1EX. When I changed the setting the audio became available and I could procede with my edit.
You are most welcome.
As that article states, there are a lot of places, where Audio must be set, from the system to the editing program, and then, depending on the Audio device (sound card, or chip), there might be additional places in the control console software for that device, where setting need to be made. Luckily, once the proper settings have been made, one should not have to make any changes, unless the swap out the sound device.
Also, all sound devices will require a software driver to function fully, and especially in a program, like PrE. It is a good idea to periododically update that audio driver, just like one does with the video driver. If, after all settings have been correctly applied, and the sound fails, that would be the first action - update the audio driver.
Good luck, and looks like you can mark your question as Answered. Happy editing.