This might not be the case for everyone but I have found a fix that worked for me (windows 10). So, when oculus link shows the error that there is no audio or mic do the following.1. Right click the speaker icon in your system tray and click "open sound settings"2. Scroll down until you see "manage sound devices" and click it.3. Here you will see your output and input devices with separate sections for "disabled" devices. (For some reason the default device status for the oculus link virtual input and outputs is set to disabled. This is why the oculus app is telling you that there is a problem with the speakers/mic.)4. Simply click the disabled device "Oculus virtual audio device" for the output/input and then click the enable button.5. Problem solved! Although sometimes I find the devices will reset to disabled now and then after disconnecting Oculus link. If that happens simply follow these steps again.Hope this helps.
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