NEW YORK (CNN/Money) - PwC Consulting, a unit of PricewaterhouseCoopers LLP, filed Thursday with the Securities and Exchange Commission for an initial public offering that could raise as much as $1 billion.

The unit, to be known as PwCC Ltd., did not reveal the number of shares or their price range. That information typically comes in future filings. Morgan Stanley will act as lead underwriter for the IPO, which is expected in early August. PwCC will trade on the New York Stock Exchange, the company said in its filing Thursday.

PwCC provides management consulting and technology services to such clients as American Express Co., Walt Disney Co., Hewlett-Packard Co. and the U.S. Department of Defense. The consulting unit said it is in the process of changing its name and brand identity, and will announce a new name in late June or early July.

Partners and shareholders of parent PricewaterhouseCoopers, the world's biggest accounting firm, plan to dispose of all their equity in the unit after their IPO. PricewaterhouseCoopers will hold less than 20 percent of Class A common shares after the offering, the company said in the filing.

PwCC did list risks associated with the collapse of Enron Corp., the energy trader that filed the largest bankruptcy in United States history in December, in its filing. Enron allegedly used thousands of off-the-book partnerships to hide nearly $1 billion in debt and inflate profits.

Arthur Andersen, as Enron's auditor, signed off on the company's financial statements and the government is investigating whether the management consulting fees paid to Andersen compromised its role as auditor.

As a result of the Enron investigation, Andersen is teetering on the edge of collapse and faces a criminal indictment for shredding Enron documents. A trial on the one-count charge is set to begin next week.

PricewaterhouseCoopers said in January it would split off its consulting business as accounting firms came under pressure to separate their consulting ties.

PwCC said Thursday that audit clients of parent PricewaterhouseCoopers have denied or limited the services the consulting unit could bid for because of the audit relationship with the parent firm. The "Enron effect" has resulted in a drop in bookings -- the amount of revenue the consulting unit expects to realize for an engagement -- by 57 percent in the United States for the quarter ended March 31.

The consulting unit had revenue of about $7.5 billion for the year ended June 30 versus $7.1 billion for the prior year.