Does everything else seams ok in the acp? Logs/Diagnostics etc. If ok I suggest you contact the host as I doubt that anyone here can help you without directly connect to your acp or the hosts possible controlpanel but I can ofcourse be wrong. The host should be able to trace and also inform you where the issue is. If not try to contact the IPS support.
well, host is not able to track the exact reason behind the load, i have contacted IPS support, they checked everything and said their is no reason why their should be any high load.

Try putting your website on performance mode in ACP, and check CPU load.
the load spikes like once in two days, otherwise it seems normal/

Tell your host to run top -c when the host is at high cpu usage and it will tell him the exact script running using that high cpu.
that would be great help, i will let him know