FlashObject & Transparent Background Integration

When using the FlashObject Script - is it possible to also integrate the coding for having a transparent background in a .swf file? I have tried to no avail as the FlashObject Script uses different wording than the normal <object> and <embed> tags - where you add the 2 snippet of codes for transparency. When I tried to put it in the background turned to green or blue.

Thanks so much!