The audit, released on Feb. 1, found Ford overspent by $40,000, about three per cent more than election rules allow.
It also found the campaign accepted a number of improper loans and donations.
Late Monday afternoon, the three-member committee voted 2-1 "to accept the report of the auditor without commencing proceedings against the candidate Rob Ford."
The mayor read a statement to media just after 5 p.m.
"I'm happy the process is finally over…it's a great day for democracy, I'm happy the committee understands we ran a clean, professional, above-board campaign," he said.
Ford thanked the compliance audit committee for doing the job it was asked to do.
"They took their jobs seriously as every taxpayer in this city would expect," Ford said.
"I know it is not easy to perform under enormous public pressure, but they did a great job."
The mayor also thanked his legal team "for their outstanding work" and also his family for their support.Suggest a correction