This case focuses on the use of financial statement analysis in the detection of earnings manipulation. Specifically, it draws on advances in the accounting research literature and provides a way of integrating this knowledge into an auditing or master's level accounting/financial statement analysis course. Students are required to assess the probability that a set of financial statements contain fraud by analyzing excerpts from the company's financial and proxy statements, and applying the Beneish (1997) probit model for detecting earnings manipulation. Students are also encouraged to utilize the Compustat database to compare the company's financial data to a peer group of firms in the industry. The appendix provides a discussion of academic research relevant to the analysis, including a description of simple analytical procedures, a listing of important qualitative risk factors to consider in assessing the likelihood of fraud (in part from Statement on Auditing Standards No. 82), and an in‐depth description of the Beneish (1997) probit model. A spreadsheet is made accessible via the Internet for easy application of the model to the company in this case and to other companies.