Not necessarily. There are different aspects of auditory processing, such as auditory discrimination, auditory attention, and auditory memory. An auditory processing disorder could be a deficit in any aspect of auditory processing.

Here's a nice simplified explanation for the lay reader:

http://www.nacd.org/auditory-processing-what-is-it-hearing-vs-processing/

Here's a more technical summary from ASHA:

http://www.asha.org/public/hearing/Understanding-Auditory-Processing-Disorders-in-Children/

...pronounced like the long vowel and first letter of the alphabet...