Yes, the audio source and the listener were in the same position. Basically I have a character firing a shotgun. When I swap in the 8 bit audio clip I can barely hear it but when I swap in the 32 bit audio clip it is fine.
This looks like a bug, and we don’t seem to have this exact problem on record in the bug database. Please can you file a report for it (menu: Help > Report A Problem) and if possible attach the two audio files that demonstrate the issue.