I just discovered a useful function in Nero that might be helpful to others. It provides a simple way to determine which audio and video Codecs are installed on your system.

To use this function, go to the "Extras" icon on Nero Start Smart. Select "Get System Info". After the system scan is finished, it displays the "Nero Info Tools" panel. Click on the "Drivers" tab and it will display all of the Audio and Video Codecs that are installed on your system.