A transcript of the audio component of multimedia content alone does not satisfy the Paragraph 1194.22 (b) of the Access Board's final standards.
Equivalent alternatives for any multimedia presentation shall be synchronized with the presentation.
Sections 1194.22 (a) and 1194.22 (b) taken together require that a multimedia presentation have its transcript of the audio synchronized with the presentation; in other words, it must be captioned.
As a society, we are familiar with closed captioning on television because all television sets larger than 13" produced after 1995 had to have built-in caption decoders, and many television shows include closed captions, which you can view with a setting on your TV. Frequently we see them in noisy environments like airports or bars. There are many firms that specialize in captioning for TV, as a simple search on the Web will attest.
The picture is not so bright for captioning on the Web. When this course was first written, there was a worldwide TV network on the web for people with disabilities called ableTV which had captioned multimedia. But it is gone now. The folks at Closed Caption Maker of Baltimore, Maryland, have been in the business of providing closed captions for the web for over ten years. Their web site includes an example of their captioning, and they are refreshingly explicit about charges. A Google search for "captions web" now yields this site and a lots of others. Several sites make a point of the fact that Section 508 of the Workforce Rehabilitation Act requires that all training and informational video and multimedia productions which support a federal agency's mission, regardless of format, that contain speech or other audio information necessary for the comprehension of the content, have to be captioned.