Importing from iMovie to FCE - Audio rendering problem

I have imported an iMovie project into FCE HD according to the method described in the manual (using Open File). I followed the instruction to Render All but when I play back my sequence in the Timeline I do not hear the audio component attached to each videoclip. Instead, I get an annoying repetitive beep (something to do with timecode?). ...When playing back the clips in the viewer however the audio is there and sounds fine. Has there been a rendering problem or am I missing something?

 

I tried the render again on a new sequence in the same project and before completion a 'General Error' dialogue comes up.

 

I seem to have fixed this now by rendering the bulk of the sequence first minus the video track, and then re-rendering again after adding the video track to the sequence. Not very scientific. Maybe someone can throw some light on this.