Hi BustaRimes and welcome to the forums
Don't overlook the obvious. Have you actually plugged the appropriate cable in? When you say that control panel indicates that it is working, it means that the port is working, not necessarily the device attached to that port. You should have 4 cables to the back of your monitor, viz power, video and 2 audio. The audio sockets are usually colour coded as follows: speakers - green and mic - pink. Sometimes they are identified by a symbol instead/as well. Refer to your manuals and ensure that you have the cables connected between the appropriate sockets.