A USB audio device does not depend on any audio codecs of the SOC itself, just a USB connection. Most likely the kernel is missing the driver that is needed for your specific microphone. What kernel / distribution are you using?
TBH I planned to use the optical output but could not find my subwoofer, so for testing went with a pair of USB headsets I had laying around. Hope I wont have any issues with the S/PDIF out.