Because it's a monitor you're at mercy of it's terrible audio controls as you've found out. They assumed only people with computers would be using the built-in speakers.
After reviewing the manual:
http://www.manualslib.com/manual/233...page=14#manual
I would suggest pressing the (e) button on the monitor then pressing the 4th button from the left, it should let you control it better.
If that doesn't work then I would suggest getting speakers (and whatever necessary adapters) or an actual TV.
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I looked at the instruction booklet and tried to find out how to access this shortcut menu, but I don't know what function button it's talking about. I tried pressing the Fn button on my keyboard, but that didn't work pressing it by itself.