Is there a way i can import audio files in play mode

Actually, I was able to get accurate playback time from the Media Player by using

Project Settings → Plugins → WMF Media → Media → Allow Non-Standard Codecs ;

Project Settings → Plugins → WMF Media → Media → Low Latency ;

Project Settings → Plugins → WMF Media → Debug → Native Audio Out ;

and then pressing “set as default” and restart UE4.