Further Testing: -For some new information for those experiencing the problem, please check out the following.
In the Render Settings Panel: -Select Render - Single Clip : The audio distortion occurs after 9 seconds for a compound clip.
Select Render - Individual Clips : No audio distortion occurs.
Trying to ascertain the difference between these two modes, I see the following: -Single Clip : the render Frame Rate is set on the Video tab in the Render Settings panel
Individual Clips : the render Frame Rate is taken from each individual clip
Also, there is a slight difference in options on the Audio tab in the Render Settings panel, although it seems primarily to do with number of tracks/stereo channels, but may be part of the issue.
This may help in two areas: -
1) It may give BM a further clue into what is happening with this issue.
2) It actually provides another useful workaround for those with the issue: -
... a) Turn all your clips and compound clips into one large compound clip.
... b) Render that single compound clip using the Individual Clips setting.
... c) This still produces a single output file but with no noise distortion.
So, the workarounds are now: -1) Do not use the AAC codec for audio recording
2) Transcode source files into something non-compressed, non-variable before editing
3) Don't use compound clips or nested timelines with such files
4) Decompose compound clips and nested timelines onto a single timeline before rendering
5) Turn all content into one large compound clip and render using the Individual Clips setting
Hope this all helps someone out