RSM Tenon, the listed firm, is looking to sell off its IVA business and is in exclusive discussions with rival Grant Thornton to dispose of RSM Tenon Recovery, just a month before the firm reports its latest results on October 17.
The Manchester-based business unit, which currently employs around 60 staff, reported fee income of around £5m for the year ended 30 June 2012. The proposed sale does not include the company's debt management business or any other part of RSM Tenon Recovery.
In a statement, it said: 'No assurance can be given that a sale will be concluded and a further announcement will be made in due course.'
The move follows the announcement in August, that PwC and other ICAEW members are to be investigated by the Accountancy and Actuarial Discipline Board in relation to the audit of the mid-tier firm.
According to the AADB, the investigation will focus on the preparation, approval and audit of the financial statements of RSM Tenon Group and its subsidiary companies for the June 2010 and 2011 year ends.
The board will also look into the preparation, approval and review of financial information in connection with the admission of RSM Tenon Group plc to the main market of the London Stock Exchange and the acquisition of RSM Bentley Jennison.
News of the probe followed several difficult months for RSM Tenon, which issued a shock profit warning in January, revealing that its last full-year accounts would have to be restated. The firm also saw the sudden departure of CEO Andy Raynor and chairman Bob Morton.
In February, the firm reported a £84m first-half loss after a £61m writedown on goodwill. It admitted to 'significant errors' in its last full-year financial statements, including in the way it accounted for employee bonuses and revenues from some contracts.
At the time, the firm's financial director, Adrian Gardner - who was appointed in October 2011 - explained that after he came on board and began his review, he realised quite quickly that 'there were things in the balance sheet that I wasn't quite expecting to see because of some accounting errors.'
PwC said: 'We will be cooperating fully with the AADB investigation. We will be vigorously defending our audits and other work carried out for the RSM Tenon Group.'