In the meantime I have managed to solve the problem. The Audio Hardware setting was incorrect. I have changed the Default Device to “Adobe Default Windows Sound” and now the playback runs correctly.
“Premiere Pro WDM Sound” the default setting does not seem to work on my system.
I am very dissapointed that the playback via Firewire has been removed as I am used to using it to view the results from transitions etc on a TV via an external Firewire to analog box.