Reportedly corrects ceremonies (5)
I believe the answer is:
rites
'ceremonies' is the definition.
(religious rites)
'reportedly corrects' is the wordplay.
'reportedly' shows a homophone (sound like).
'corrects' becomes 'rights' ('right' can be a synonym of 'correct').
'rights' is a homophone of 'RITES'.
(Other definitions for rites that I've seen before include "Customary observances, religious say" , "offices" , "formal procedure" , "Prescribed religious ceremonies" , "Social customs" .)