I decided to try coding an alternative approach to this and got it to work as required. As it may be helpful for others, here is what I have created:
var playbackState = 0;
/*0 = play*/
/*1 = pause*/
$('.a5play').click(function(){
if(playbackState == "0") {
playbackState="1";
soundManager.play('mySound1');
$('.a5play').text('Pause');
} else {
playbackState="0";
soundManager.pause('mySound1');
$('.a5play').text('Play');
}
});
$('.a5stop').click(function(){
playbackState="0";
soundManager.stop('mySound1');
$('.a5play').text('Play');
});