надо слушать SOUND_COMPLETE soundControl'a
можно так:

Код AS3:
function playSound(event:MouseEvent):void
{
soundControl = sound.play();
soundControl.addEventListener(Event.SOUND_COMPLETE, stopSound);
play_btn.visible = false;
stop_btn.visible = true;
}
function stopSound(event:Event):void
{
soundControl.stop();
stop_btn.visible = false;
play_btn.visible = true;
}