http://www.digitpress.com/forum/showthread.php?144952-Golden-Axe-Revenge-of-the-Death-Adder-No-Sound
This link has some pretty good information on the issue. Just in looking over the linked thread. Two things I would check, one the type of pin out the board has ie is it jamma compatible. The other is there a suicide battery that needs replacing.
What are you playing the game on?