After searching the web for a fix, I stumbled upon this thread http://forums.guru3d.com/showthread.php?t=391553.
I followed the steps and what do you know, I now get sound from my surround sound speakers.
It's a kind of roundabout way to fix the issue and I would prefer to have a fix from ubisoft but this is just a temporary fix that I found useful and I hope it benefits other people who have this issue as well.