Ok i just had this same issue. It was a prefs file setting that kept reverting.
C:\Users\your user name\AppData\Local\Funcom\Conan\Prefs. inside the file I noticed some audio settings set to 0. I made some changes as follows.
Value name=“AudioCacheSize” value=“45” />
Value name=“AudioDspBufferCount” value=“7” />
Value name=“AudioListenerDoppler” value=“true” />
Value name=“AudioListenerMode” value=“1” />
Value name=“AudioMasterOnOff” value=“true” />
Value name=“AudioMaxChannels” value=“128” />
Value name=“AudioMaxVirtualChannels” value=“500” />
Value name=“AudioMusicOnOff” value=“true” />
Value name=“AudioQuality” value=“1” />
Value name=“AudioRenderChannels” value=“true” />
Value name=“AudioRenderListener” value=“true” />
Value name=“AudioRolloffMode” value=“0” />
Value name=“AudioSoundFormat” value=“1” />
Value name=“AudioSpeakerMode” value=“1” />
Value name=“AudioSystemOnOff” value=“true” />
Value name=“AudioVolumeAmbience” value=“0.800000” />
Value name=“AudioVolumeBackgroundMusic” value=“0.800000” />
Value name=“AudioVolumeCombatMusic” value=“0.800000” />
Value name=“AudioVolumeEffects” value=“0.800000” />
Value name=“AudioVolumeInterface” value=“0.800000” />
Value name=“AudioVolumeMaster” value=“1.000000” />
Value name=“AudioVolumeVoice” value=“0.800000” />
After saving and starting the game, there was no sound again. I closed the game, made the changes again, then in the file properties, I made the tile read only.
Note making the file read only will prevent you from changing any settings in game. So ensure you have your graphics and audio set how you want them before making this read only.
If someone else who doesn’t have issues could share their setting in the preference file, that may confirm exactly what settings needs adjusted. But this works so far.