1 Correct answer
You need to enable all the audio tracks. See this page: http://helpx.adobe.com/content/help/en/premiere-pro/using/editing-multi-camera-sequences1.html#id_60276
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Hey. They didn't balk the whole thing up completely....
They did handle audio like video, but separately.
Once nested, you need to enable multi cam for audio first. start nested, nothing highlighted, OPT +rightclick (alt for win) on the audio portion only. Select to enable multi cam. Now... ...If you have a lot of audio tracks, you'll be a little kludgy. But if you opt clickholddrag the audio track under the master for as many audio tracks as you have, you can multi cam your audio and video separately. Select each audio track and set the multi cam to a single camera that matches which are in your multi cam synch, and you'll be able to manually switch between them when you want by adding effects and keyframes. Ta-DA. Kludgy, yes, but the guy that showed this off on line just saved me a ton of work, I thought I'd pay it forward for the new year. Did they get it perfect? No. They assume you want to actually edit your footage. Wait... ...Isn't that what you wanted to do? They just need to know how much editing! Here's the goal: PLANNING out your EDITS beforehand. For a lot of us, there isn't that much time anymore. There used to be. I miss those days. Please remember: You must turn on all audio tracks before nesting, and all video, making sure there are video tracks for every set of audio ("cameras")--for the last part, I just create a blank, small sized video to go with my standalone audio in AME with the same frame rate as at least one other video and add it to a set so there is a camera associated ("Camera" refers to the video track associated). Then you need to nest, opt+rightclick audio only, and select enable multi cam. If you only have one audio source you want to hear, you can select it by Camera (the number corresponds to associated video track number; so you should have a video track linked to your audio). Here's a good one: IF you don't have spare video for one track, link it to a video once synch'd and turn off any audio you don't want (it may still play all audio). If it plays all audio, start again, but unlink the audio you don't want before nesting, and it will be treated as extraneous. Remember, it chooses audio by camera, which is the associated video track. A limitation, perhaps, but not if you have AME and know your Quicktime formats (MOV is both a PCM sound only file, and a video format! Format in Audition, then format in AME to get blank empty video. If you size it right, you can get very little data added, and use it as a fade stepper. Make it as big as your other video, and you can use it to fade-in\out to black while clipping. Warning, files get pretty big, even when empty.
Where did I acquire this knowledge? CreativeCOW
Apparently that guy got it from cs5.... ....who knew?
Adobe, here's your cue... ...All you'd have to do to appease anybody whose still a little abashed about this is add a menu item to a right click on a nested sequence: Audio Multicam>enable which enables the multi cam for the audio and eliminates a single step for those lazy guys who just don't want it to be so complex a click. Thank you for thinking of guys like me to begin with and making such a beautiful software app for this. It has quirks, but I've been able to navigate them with a little extra prep. For instance, I use high fidelity, high sample, 32bitfloat audio that premiere cs6 won't support native in a WAV file if the file is more than 4gb. But, I like to multi cam and sync audio anyway. I use AME (a nice little helper that is), and make stereo audio into PCM (so similar to WAV audio they are practically twins) with a blank movie, and I don't have to try and link it to another video later. When in a movie file, premiere no longer worries about file size, it sees only a stream of sample data. 
Some old school Logic for those who need a refresher course:
First, it is assumed (as normal in the computing world) that you will do things in a set of predefined steps in any direct industry. The same is true of most software, even if it offers a different method (you just have to know that the method is offered and how to activate it). SOOOO>>>>> if you do not select to multi cam your audio, it is assumed that you have some other audio track you want to use (flawed perhaps, as it requires a sync action again), or that the first camera holds the primary sync audio and the best audio. However, this isn't exactly a WRONG assumption. Old days, you built your cameras into the scene by frame, using audio as the sync reference (the clapper and "action!"). With celluloid, you had to listen to the audio first, sync that so there was no audible echo, then mark any video frames where it was out of sync and time shift the audio, or even stretch it to fit when frame rates weren't perfectly aligned (mechanical failures or limitations). Moving on... ...Now we can sync our camera video by audio from the devices, then throw down an audio track and sync that in, and do even more later with our trusty software, and we can be reasonably sure the frame rates are the same, meaning that we shouldn't have to stretch audio. We can break it into steps. Old days, you had your video guys sync video and listen to a separate audio track for cues, mark the cues, clip to the cues, and then you had audio guys add effects, transitions and whatever else to your audio based on the cues, and wash it all down with some scrubb-cleaning. No bubbles here boys and girls. Audio was last in line. This was the premise for premiere, I believe. Take the way things are typically done in the industry, and try to match the software to it with a few extra features thrown in and a nice way to view the whole thing. However, they took it a step further for the "Jack of All Trades" guy who's not afraid to scrub his hands to the marrow; you just have to ENABLE the feature that alters the standard workflow. The same is true of most industry standard software. Is your database multilingual? Great! Enable that in your Microsoft SQL server so you can have worker bees in several countries.
To recap:
Remember, the primary audio track will be the one used (track 1) if you don't manually enable the multi cam on audio. Build a blank movie with your desired audio (framerate matches other video; use AME) and place that movie on video track 1 if you want to use it as your primary (you can switch between angles later for video). Another option: sync all the audio and video, then unlink your undesirable audio, from video 1, and link desired audio to video 1 (again, you still have your angle-switch). Do either of these before you nest and you'll only have one audio track to deal with, no guarantees on the function. OR....Option 3: also before nesting, Turn on all audio in your original sequence (where all video and audio is laid out), make sure every audio is linked to a video or has a video track associated (if one video has two audio tracks, you'll need to link any stand alone audio to it's own video; use a little of the other options here), nest the sequence. Unhighlight, then alt\opt +rightclick on audio portion only, select multi cam, and select the video track associated with your desired audio. If you want to jump between audio tracks later at your leisure, you should dupe the tracks as you find necessary (however many audio tracks you want to switch between). Quickest way is to unhighlight all, then alt\opt clickholddrag audio track below master and drop to duplicate. Set the multi cam to which camera set you want to draw from, and it will appear in your multi cam monitor under "Audio" as the audio track number in your current sequence. Now you can have one or more audio switch with the clips, or even switch with the video. You can even multi cam the multi cam! Nest this sequence once finished, into another sequence, and bring in another video or sequence. Nest that sequence and multi cam to clip through two different locations after you synch to a certain frame where you want them to line up (unless you've already chosen in and out balances). Now you can actually clip through your sequences and cut them together in a multi cam setup, Each with their own audio. By clipping through with multi cam, you can set down baseline clipping, and use it to mark both audio and video changes (IE, same camera, different video). Once clipp-marked (yes two p's), you can pick each clip, select the camera, select the audio. What if your cam1 audio needs to run over into a cam2 scene and then cam2 audio cuts in after a few seconds? Done and done. Set the clipp-marks for the audio changes by changing cams first. You can go back and alter the camera angle later.
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