This problem is driving me nuts.
 
I just got an Acer Aspire M5-481PT.
 
The audio wasn't working out of the box.  The error message I see when I mouse over the audio icon is: "No Audio Output Device is Installed."  I don't get audio from the onboard speakers and no audio from the headphone jack.
 
I tried updating the audio drivers and still no luck. 
 
I deleted the audio drivers and rebooted.  Again no luck.
 
But here is where things get interesting.  The audio works if I plug in a USB headset or HDMI cable.
 
I even re-installed the entire system from a flash drive.  Again, no luck.  Does anyone have any suggestions before I send this back to Acer?
 
I'm running Windows 8.