The millionaire is expected to come under severe criticism from investors this week following news that he was warned in August that the company's accounts breached financial reporting regulations. He sold £29m of shares in November before the problems were made public.
He is expected to resist calls to quit.
It emerged on Friday that the accounting problems were orginally identified during an investigation by the Department of Trade and Industry into the bankruptcy of a client. Accountancy firm Levy Gee drew up a report in the summer which looked at the issues involved.
Baker Tilly is now looking at the irregularities, which are understood to relate the overstating of the company's turnover.
Versailles is reported to be looking for new auditors to replace Surrey firm Nunn Hayward.
It is also reported to be looking for a new finance director to replace Frederick Clough.
Carl Cushnie owns 53% of the company and was the first Afro-Caribbean to enter the Sunday Times Rich List Top 200. He appeared in a Labour election broadcast ahead of the European elections last summer.
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