Qubes audio virtualization protocol does not implement latency reporting for security reasons, keeping the protocol as simple as possible. Also, in a compromise between low latency and low CPU usage, latency may be around 200 ms. So applications demanding higher audio quality (even Skype) need a better environment. But Qubes flexibility fully allows that using external audio devices. These are mostly USB audio cards, but firewire devices also might be used.
First you need to identify an user VM dedicated to audio and [assign a device](/doc/AssigningDevices) to it. In the most common case the assigned device is the USB controller to which your USB audio card will be connected.
Launch pavucontrol, for example using "run command in VM" of Qubes Manager and select your external audio card in pavucontrol. You need to do that only the first time you use a new external audio device, then pulse audio will remember your selection.
If you detach your external audio device, then want to insert it again, or change it with another one, you need to repeat the previous commands in terminal, adding another line at the beginning: