Try cleaning the cartridge contacts first then open it up and check if it has cold solder joints or broken ones on the chips.
what harness are you using? Have you tried other games on the setup? what version MVS board you using?
Thank you for your replies, guys. Never had any problems with other games on my setup (MV-1C, Jamma harness). With AoF 2 I got garbled graphics at first, then after cleaning the contacts graphics were fine, just no sound. I thought there might be a common problem with this game but it's not relevant for me anymore as I've sold the setup in the mean time including the game as a freebie.