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Audio related queries for AM3352

Other Parts Discussed in Thread: AM3352

Hi Experts, 

I am developing one wi-fi based audio box. Mobile app will be there which can stream music remotely to this box via cloud. The product is at architecture level. 

I am planning to go for AM3352 Sitara processor. I understand I will need an Audio Codec to have microphone and speaker interfaces. 

My question is

Is AM3352 capable enough to do audio related tasks? like encode-decode mp3, aac, etc. formats? or do I need another DSP to do audio specific tasks?

Please suggest suitable solution.  

Regards, 

Rahul