ESA has told us that they have simulated the fault and it matches what happened. OK.... but...
The problem is that the 'glitch' makes as much sense as the Italian Space Agency's story a few days ago.
And there is a very good reason for that. We have no insight into the EDL software design used by the ESA designers and programmers
As an RTOS programmer for decades (VxWorks, also used by MER, Pathfinder, Odyssey, etc) , sanity checks are part of the landscape.
For example: when the craft is at an altitude of 4 Km and in the next second it thinks it is 'on the ground', one of the background sanity checks would have said 'we just accelerated to 14 Million KM/hr -- ignore the readings, wait until they get back in 'range', and do it again. If the controller is taking 50 readings per second, you might say something like: check the next 100 readings to see if they come into range.... ELSE do something different - like maybe rely on a nominal 'EDL Timeline' to do things in sequence for a while, if you are temporarily instrument blind.
Controlling machinery in real-time is very tricky but it also a 'well-plowed' field of study. Controlling a speeding craft during a Mars EDL has to be one of the most demanding situations (you travel very far in a few seconds) and so it requires a robust, well-designed, autonomous controller operating in Real Time
I believe the IMU used on Schiaparelli is the Northrop Grumman LN-200S (S for space) -- see the link below for a PDF of specs.
It looks pretty hard to get this device into delta-theta saturation (laser-gyros) and/or delta-v saturation (accelerometers)
I look forward to reading the final ESA report in early 2017
LN-200S IMU Specs