Audio appearing overloaded

When I load my video into Premiere Pro, the sound bars on the right tell me the sound is overloading - the bars go into the red, and the sound is distorted at whatever volume I listen to it. I am assuming that this level is set on the video camera when it was recorded, and that the level was set too high, but is that correct? And is there a way of adjusting the sound to get rid of the distortion? Thanks for any help