For Mac App Store users, you need to select Volume boost option (first option) from the side panel (please refer screenshot). Here, if you click on the 'Know More' tab don't you get an option to Download an audio component option like the one shown in this screenshot? If yes, please click on it and it will launch a web-browser with an option to download and install the audio component.
Please install the component and you can see the EQ and volume boosting functionality.
