Today's report also acknowledged the work of Stephen Potter, the father of Mr Cribb's girlfriend at the time of the crash, in uncovering faults in the investigation.
The IPCA concluded that police failed to critically examine Ford's account of the crash and the physical evidence; comply with policy and best practice; provide adequate supervision and leadership and remedy the deficiencies that had been identified in the investigation and address Stephen Potter's concerns about the crash investigation in an appropriate way or in a timely manner.
Authority chairman Judge Sir David Carruthers said a lack of adequate supervision and failure to critically examine evidence and remedy problems were identified in the investigation.
"These inactions resulted in police not uncovering the truth about the crash for over two years, causing much undue stress to Mr Cribb and his supporters. Furthermore, the mishandling of the crash investigation also greatly damaged the reputation of Southern District police," he said.
Southern District commander Superintendent Andrew Coster said police failures had led to serious consequences for Mr Cribb.
"[He] was wrongly blamed and then convicted for causing the crash. Police let Mr Cribb down badly, and to go some way to resolving this, we have apologised to him and provided compensation.
"Police accept that without the persistence of those members of the public who supported Mr Cribb, police would not have reinvestigated the case to uncover the truth about how the crash occurred," he said.
Both Mr Coster and Sir David agreed a number of improvements had been made within the police force since then.
The authority also acknowledged its own processes had contributed to the report's delay, which comes nearly nine years since Mr Cribb was involved in the crash, and almost six since his conviction was dismissed.