Audio Services Not Running after Win8.1 update

Recently I got update to my Windows 8.1 after which suddenly the audio services stopped working. I googled for solutions and found one as follows:

1. Search for "services.msc" in start menu and open it.
2. Go to "Windows Audio" service and open its properties by right clicking on it.
3. Go to the "Log On" tab.
4. Select "This Account" option and in that field type "NT AUTHORITY\LocalService".
5. Restart the "Windows Audio" service.

After performing these steps the speakers started to work but at very low volume.

My system is hp-envy m6-1216tx which comes with beats audio speakers. I can't understand what the problem is. Maybe it has something to do with Beats Audio or with AVG antivirus (because I saw AVG being mentioned in many similar posts).

Please Help!

Try to reinstall your sound drivers.

The newest I could find: Download IDT High Definition Audio Driver 6.10.6496.0 for Windows 8.1 64 bit

Full size, but older version: IDT High-Definition (HD) Audio Driver | HP® Support

@TairikuOkami Tried doing that. Did not help.

Go to - Control Panel - Hardware and Sound - Sound - Right click on your soundcard - Properties
Go to - Advanced - Uncheck - Allow applications to take exclusive control of this device - OK
Go to - Communications - Select - Do nothing - OK

Thanks for your help, but even it did not help!
I think maybe a system restore is required to solve the problem.