The Pakistan Cricket Board set up the committee after the team returned from the West Indies having lost to hosts West Indies and minnows Ireland in the group phase.
Pakistan coach Bob Woolmer died on March 18, a day after the loss to Ireland, and his death is still being investigated by Jamaican police.
The committee, headed by former Test player Ejaz Butt, delivered scathing criticism of Inzamam's captaincy in its report.
"Inzamam became an autocratic and introvert captain after the Oval fiasco last year and his refusal to go on the field was overlooked by then PCB Chairman Shaharyar Khan," the committee said in its findings.
In the fourth Test against England at the Oval last August, Inzamam refused to lead his team out following the tea interval on the fourth day after Pakistan were docked five runs by umpires who decided they had tampered with the ball.
Inzamam stepped down as captain and retired from one-day internationals after the World Cup.
"The poor performance in the World Cup reflects an overall failure of management at all levels and the entire cricket system needs to be overhauled," the report said.
The committee also recommended that the board should abolish the seniority system for paying players and that only the captain and vice captain should receive additional benefits.
Butt also said the committee had found no evidence of match-fixing by the Pakistan team at the World Cup.
"We heard several allegations but they were nothing more than that. We found nothing to suggest the team had fixed any games,' said Butt.
