I am assuming that you do not have the remote head RMK kit installed and that no add-on boards or CP (coffee bean) mods have been done. If an accessory board is present, try removing and re-seating the board. It may be that simple. Audio does pass through many UT-xxx boards.
Pop the radio open and unplug the front speaker (two small wires -black and yellow as I recall - going to a white connector on the main board). That will eliminate the front speaker for troubleshooting.
Make up a simple test wire with an 4~8-ohm speaker. Ground one side anywhere (unlike others Icom audio is unbalanced and referenced to ground ) and tune the radio to a simple analog frequency (weather channels work fine). Do not plug anything into the remote speaker jack.
Touch the other (center pin) speaker wire to the middle and inside end contacts of the 3.5mm external jack (J5) at the back of the radio. The jack itself is on the bottom of the board and not easy to get to. If you hear audio on one terminal but not the other, it is possibly dirt or a bad connection in the jack. Plugging anything into the jack opens the connection to the internal speaker on the middle terminal.
If no audio is present at J5 it is either the AF audio amp or further up the line.
With all of the appropriate speaker impedance provisos, it is possible to jumper the center and end connections of J5 so that audio still goes to the internal speaker when a 3.5mm plug is inserted into the jack. I have had to do this where audio needs to go to a siren/PA as well as the internal speaker.
If you are fearless and have an amplified speaker (a computer PC speaker will work) check for audio between ground and pin 1 of IC38. IC38 is the larger transistor heat sink'd to the case closest to the audio jack and front speaker connector, and should be marked LA4425A. Pins 2 & 3 are ground, 4 is AF out to the speaker and 5 is VCC+ voltage. The side of solder bean CP23 closest to C408 and R322 is the same as IC38 pin 1.
It is also possible that the ribbon cable between the front and main units is damaged. Non-remote radios do not use the audio on the ribbon but AFO is present on J1 pin 12 for remote head use and a short could kill the audio. Make sure the ribbon is not misaligned, damaged or pinched between the head ground spring and the case.
Anything deeper you are into trial and error or tech/geek territory.