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[amiti]

In recent versions sample rate conversion is applied after volume changes (and before other processing) this is a better behavior but only when down sampling from higher sample rates.
I think the more correct way would be to apply sample rate conversation at the end of the processing sequence or in its beginning according to its nature. As processing is always preferable at higher sample rates - if up-sampling is chosen , the conversion should be applied before volume changes and other processing ; If down sampling is chosen it should be applied after processing.

What do you think?

[Matt]

It's totally irrelevant.  The chain is 64-bit, so there's just no difference if you do the volume early or late.