Windows 7: Low bit rate only available for a high definition audio device

I have a PNY 570 gtx videocard hooked up with a HDMI to monitor. No matter if I connect it to a audio receiver or to the monitor I only get a maximum of 2 channels and Bit Depths 16-bit.
Sample rates are only shown as 44.1kHz and 48.0kHz and the HDMI jack only shows L and R. It wont let me test a surround sound speaker system. The stats to this video cards sound will allow much higher samples and bits.
All this information was gathered in the Windows 7 sound properties.

I click on advanced in the sound properties and still cannot change to a higher quality that 48000 Hz.

What is wrong and how to I fix it?



Note: I have also posted this in the sound settings section of the forums. Not sure what the issue is, windows application or nvidia videocard application.