The Cloud Poodll Assignment Submission can transcribe your student's speaking and present it beneath the player in the assignment grading page.

 Currently the transcript is only shown while grading, but let us know if you prefer to show it to students also. 

Transcription can be enabled by default in the plugin's admin settings at:
Site administration -> Plugins -> Activity Modules -> Assignment -> Submissions -> Cloud Poodll

It can be turned off/on and the language being transcribed can also be set in the assignment instance settings page..

And if you are wondering what languages we can transcribe. Here they are :