Not able to monitor while recording

I am not able to monitor the narration while recording. Audition records and I can play that back and hear it just fine. Speakers work fine for playback and for other applications except there is nothing from them or my headphones while someone is recording on the mic. I'm missing a setting somewhere but can't figure it out.

I'm on win7 64 bit, Audition version is in the 5.5 bundle. Drivers are up to date.

I used to have an Alesis Firewire and it worked until it died, but now I just purchased a Grace m101 and a Presonus Firestudio mobile and have this glitch I'm trying to resolve.

I've gone into Audition's Audio Hardware and selected Asio Presonus Firestudio.
I've made sure the sound setting on the computer itself are also set for the Presonus and it is.
Any assistance would be appreciated.

Pattie