Cannot use audio codecs with the Audio Compression Manager

When the ACM is queried for installed codecs, none are returned.
One can see it by

• downloading and starting VirtualDub
• go to the "Audio" menu and select "Full processing mode"
• Select "Compression..." from the "Audio" menu

As one can see there are no codecs listed, even if there are some installed.

I tested it under wine too, where it works as expected.
Also the debug log seems to be not realy helpfull with this.