diff --git a/sound/soc/sof/ipc4-topology.c b/sound/soc/sof/ipc4-topology.c
index 38d593e65af963..ec2cf69c4e3fd6 100644
--- a/sound/soc/sof/ipc4-topology.c
+++ b/sound/soc/sof/ipc4-topology.c
@@ -1344,25 +1344,6 @@ static int snd_sof_get_nhlt_endpoint_data(struct snd_sof_dev *sdev, struct snd_s
 }
 #endif
 
-static int ipc4_set_fmt_mask(struct snd_mask *fmt, unsigned int bit_depth)
-{
-	switch (bit_depth) {
-	case 16:
-		snd_mask_set_format(fmt, SNDRV_PCM_FORMAT_S16_LE);
-		break;
-	case 24:
-		snd_mask_set_format(fmt, SNDRV_PCM_FORMAT_S24_LE);
-		break;
-	case 32:
-		snd_mask_set_format(fmt, SNDRV_PCM_FORMAT_S32_LE);
-		break;
-	default:
-		return -EINVAL;
-	}
-
-	return 0;
-}
-
 static int
 sof_ipc4_prepare_copier_module(struct snd_sof_widget *swidget,
 			       struct snd_pcm_hw_params *fe_params,
@@ -1378,8 +1359,6 @@ sof_ipc4_prepare_copier_module(struct snd_sof_widget *swidget,
 	struct snd_sof_dai *dai;
 	u32 gtw_cfg_config_length;
 	u32 dma_config_tlv_size = 0;
-	struct snd_mask *fmt;
-	int out_sample_valid_bits;
 	void **ipc_config_data;
 	int *ipc_config_size;
 	u32 **data;
@@ -1659,11 +1638,7 @@ sof_ipc4_prepare_copier_module(struct snd_sof_widget *swidget,
 	}
 
 	/* modify the input params for the next widget */
-	fmt = hw_param_mask(pipeline_params, SNDRV_PCM_HW_PARAM_FORMAT);
-	out_sample_valid_bits =
-		SOF_IPC4_AUDIO_FORMAT_CFG_V_BIT_DEPTH(copier_data->out_format.fmt_cfg);
-	snd_mask_none(fmt);
-	ret = ipc4_set_fmt_mask(fmt, out_sample_valid_bits);
+	ret = sof_ipc4_update_hw_params(sdev, pipeline_params, &copier_data->out_format);
 	if (ret)
 		return ret;
 
@@ -1827,37 +1802,54 @@ static int sof_ipc4_prepare_src_module(struct snd_sof_widget *swidget,
 	struct snd_sof_dev *sdev = snd_soc_component_get_drvdata(scomp);
 	struct sof_ipc4_src *src = swidget->private;
 	struct sof_ipc4_available_audio_format *available_fmt = &src->available_fmt;
-	struct sof_ipc4_audio_format *in_fmt;
+	struct sof_ipc4_audio_format *out_audio_fmt;
 	u32 out_ref_rate, out_ref_channels, out_ref_valid_bits;
-	struct snd_interval *rate;
-	int ret;
+	int ret, output_format_index;
 
 	ret = sof_ipc4_init_input_audio_fmt(sdev, swidget, &src->base_config,
 					    pipeline_params, available_fmt);
 	if (ret < 0)
 		return ret;
 
-	in_fmt = &available_fmt->input_pin_fmts[ret].audio_fmt;
-	out_ref_rate = in_fmt->sampling_frequency;
-	out_ref_channels = SOF_IPC4_AUDIO_FORMAT_CFG_CHANNELS_COUNT(in_fmt->fmt_cfg);
-	out_ref_valid_bits = SOF_IPC4_AUDIO_FORMAT_CFG_V_BIT_DEPTH(in_fmt->fmt_cfg);
+	/*
+	 * For playback, the SRC sink rate will be configured based on the requested output
+	 * format, which is restricted to only deal with DAI's with a single format for now.
+	 */
+	if (dir == SNDRV_PCM_STREAM_PLAYBACK && available_fmt->num_output_formats > 1) {
+		dev_err(sdev->dev, "Invalid number of output formats: %d for SRC %s\n",
+			available_fmt->num_output_formats, swidget->widget->name);
+		return -EINVAL;
+	}
 
-	ret = sof_ipc4_init_output_audio_fmt(sdev, &src->base_config, available_fmt,
-					     out_ref_rate, out_ref_channels, out_ref_valid_bits);
-	if (ret < 0) {
+	/*
+	 * For capture, the SRC module should convert the rate to match the rate requested by the
+	 * PCM hw_params. Set the reference params based on the fe_params unconditionally as it
+	 * will be ignored for playback anyway.
+	 */
+	out_ref_valid_bits = sof_ipc4_get_valid_bits(sdev, fe_params);
+	if (out_ref_valid_bits < 0)
+		return out_ref_valid_bits;
+
+	out_ref_rate = params_rate(fe_params);
+	out_ref_channels = params_channels(fe_params);
+
+	output_format_index = sof_ipc4_init_output_audio_fmt(sdev, &src->base_config,
+							     available_fmt, out_ref_rate,
+							     out_ref_channels, out_ref_valid_bits);
+	if (output_format_index < 0) {
 		dev_err(sdev->dev, "Failed to initialize output format for %s",
 			swidget->widget->name);
+		return output_format_index;
 	}
 
 	/* update pipeline memory usage */
 	sof_ipc4_update_pipeline_mem_usage(sdev, swidget, &src->base_config);
 
-	/* update pipeline_params for sink widgets */
-	rate = hw_param_interval(pipeline_params, SNDRV_PCM_HW_PARAM_RATE);
-	rate->min = src->sink_rate;
-	rate->max = rate->min;
+	out_audio_fmt = &available_fmt->output_pin_fmts[output_format_index].audio_fmt;
+	src->sink_rate = out_audio_fmt->sampling_frequency;
 
-	return 0;
+	/* update pipeline_params for sink widgets */
+	return sof_ipc4_update_hw_params(sdev, pipeline_params, out_audio_fmt);
 }
 
 static int