As above but is the PSU fan spinning..
The best check to make is to turn off the PSU, remove the ATX connector, hotwire the PSU by placing a wire between the green pin and any black pin in the ATX, connect a fan to a Molex, then start up the PSU..
If the Fan spins.. faulty PSU. Otherwise it's a faulty Mobo.
While you are there, check the voltage using a multi-meter.