I have been able to solve the above issue using:
sudo apt install linux-modules-extra-`uname -r`
Now the above callback is called and the selected in/out audio device is:
Playback/recording through the PulseAudio sound server
but the audio quality is not good. This seems to be a problem seen previously:
but there is no satisfactory solution for it. Are there other sound servers that can provide better audio quality ?