He added that the report's wider implications were now being considered as a matter of urgency and conclusions were expected to be drawn within two to three weeks.
The force is now considering paying up to a £1m in compensation to Delroy Lindo, according to newspapers' reports.
Mr Lindo is suing the Metropolitan Police after being stopped 37 times and charged with 17 offences since 1992, but never once convicted.
The police inquiry, led by the force's most senior detective from an ethnic minority, Deputy Assistant Commissioner Tarique Ghaffur, found evidence that officers were guilty of "harassment" and "negative stereotyping", newspapers said.
A decision has yet to be made on whether the report's findings will be made public, the Metropolitan Police said.
"Any external observer would ask: 'Why on earth has this individual been stopped quite so many times?'
" It doesn't bear any relation to what would normally happen in that area of North London or indeed anywhere."
Lessons learned
He said the MPA had asked for the report to be carried out.
"It was critical that the Metropolitan Police reassure Londoners that lessons from this case had been learned."
He added that the report's wider implications were now being considered as a matter of urgency and conclusions were expected to be drawn within two to three weeks.
Police spokesman Alastair Campbell said: "We have identified a number of corporate and procedural failings that could be better designed and followed.
But he added: "The findings of the report do not level criticism at any individual officers."
Mr Campbell refused to confirm whether newspaper reports that an out-of-court settlement was imminent on five civil actions brought by Mr Lindo.
According to newspapers the inquiry said the force's negative stereotyping of the Lindo family was mainly due to the police focusing on Mr Lindo's previous, now spent convictions.
On one occasion Mr Lindo, 41, was arrested and held in custody for apparently sucking his teeth in an aggressive manner.
Following complaints that he and his wife Sonia and three children were being victimised by officers in Hornsey, North London, the Met announced in July last year it was setting up an inquiry.
Spent convictions
Mr Ghaffur concluded there was no "evidence of an organised conspiracy" to harass Mr Lindo and he ruled out racial discrimination as an issue, according to The Guardian newspaper.
But he did find there was evidence of harassment because of the focus given to Mr Lindo's spent convictions.
The Metropolitan Police is highly sensitive to accusations of racism since an inquiry headed by Sir William Macpherson concluded the investigation into the murder of black teenager Stephen Lawrence in 1993 had been mishandled because of "institutional racism" within the force.
An inquiry overseen by the independent Police Complaints Authority has already rejected 26 complaints made by Mr Lindo.
The PCA found no evidence of a "conspiracy" involving officers against him and his wife and ruled that no officers should be disciplined over the case.