Loudness Equalization is bad, as it negatively affect the full experience of the audio by limiting the range. Now probably if you're using a laptop or some cheap speakers it won't make much difference but otherwise another solution is preferable.
There is another solution here.
(...) if you have Realtek onboard sound and are using stereo speakers or headphones, switch the speaker configuration to 5.1 and uncheck the center channel / sub / rear speaker options.
This worked for me.
The reason, according to that forum post, is because The game was designed to support 2.1, 5.1, and 7.1 sound.