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The CCI advertising agency's fee revenues had grown substantially between 1988 and 1992. But the firm's net income and stock price followed more erratic trends, thanks in part to a substantial write-off of receivables and redundancy costs in 1990 and 1991. Looking at the 1992 closing audit papers, the engagement partner at CCI's audit could see that the past year had also been disappointing, with earnings significantly failing to meet analysts' estimates. Although CCI's CEO insisted that 1993 would see a change in the company's fortunes, the stock price was still falling. How, if at all, should the auditor advise his client? Students will consider the financial markets' assessment of CCI, as expressed in share process and in the analysts' reports. This case may be used as a module in an introductory audit course (as part of the Understanding Client Constituencies module [UVA-C-2113]) that focuses on the importance of fully understanding the nature of a client's business or in a more advanced audit course to help students clarify their thinking on the audit partner's role and the real meaning of "client service."