Current iMovie supports audio formats Mp4/AAC, .mov, DV, HDV, Mpeg-4, M4v, H.264, HEVC (High Sierra, iMovie 10.1.8). There might be others. A clip in one of the above formats should import into iMovie. There are no format settings for import -- it just automatically imports at the setting of the clip.
iMovie supported audio formats include mp3, WAV, AIFF, AAC, m4A.
iMovie exports everything in Mp4 except when you select to export in Best Quality (pro res), in which case the export will be in .mov format with a high bitrate and file size. iMovie will edit in the new HEVC H.265 format, but will convert to Mp4 on export.
The .mov format in general is a bucket that can contain varying types of formats, so it is not a guarantee of quality. Mp4 probably is the most universal format being used now, and is compatible with a wide range of devices. Not all Mp4 formats work with iMovie. It needs to be Mp4/AAC. AAC stands for Advanced Audio Coding.
As I mentioned in my previous response, the recommended way to import videos/photos to your Mac is by importing them into the Photos app. After you plug in your camera to your Mac, open the Photos app, and click on your camera item under Devices in the Photos sidebar. The vids should import in. You can manage and organize them in Albums within the Photos app, or you can drag the vids to your desktop, or do a File/Export Video and select your video quality in the share box that appears. The Photos app files also will be accessible from within iMovie if you choose to edit them there.
Importing to your Mac (not directly to iMovie) via the Image Capture app should work, too.
-- Rich