After Effects Gurus?

Ok, I have a small problem. I’ve used after effects before but I don’t remember running into this issue.

I have footage that includes the video and audio waveform.

When I add the clip to a composition (or create a composition from the footage) it adds the video to the composition but shows a blank/empty waveform and thus plays no sound. The footage does indeed have sound, I have played the file in After FX and in Windows media player.

Can anyone suggest what is going wrong here?