Nicole Sperling
February 27, 2017 AT 11:37 PM EST

The Academy of Motion Picture Arts and Sciences has finally issued a statement on Sunday night’s shocking mix-up in which presenters Warren Beatty and Faye Dunaway were given the wrong envelope and incorrectly announced La La Land as the recipient of the best picture prize. The error was corrected minutes later, with the academy handing the award to Moonlight, but only after both producers Jordan Horowitz and Marc Platt gave their acceptance speeches.

Here is the Academy’s statement in full:

We deeply regret the mistakes that were made during the presentation of the Best Picture category during last night’s Oscar ceremony. We apologize to the entire cast and crew of La La Land and Moonlight whose experience was profoundly altered by this error. We salute the tremendous grace they displayed under the circumstances. To all involved — including our presenters Warren Beatty and Faye Dunaway, the filmmakers, and our fans watching worldwide — we apologize.

For the last 83 years, the Academy has entrusted PwC to handle the critical tabulation process, including the accurate delivery of results. PwC has taken full responsibility for the breaches of established protocols that took place during the ceremony. We have spent last night and today investigating the circumstances, and will determine what actions are appropriate going forward. We are unwaveringly committed to upholding the integrity of the Oscars and the Academy of Motion Picture Arts and Sciences.

Earlier Monday, accounting firm PricewaterhouseCoopers accepted “full responsibility” for the mistake, noting that one of two accountants on-site at the Academy Awards had erred in handing the wrong envelope to Dunaway and Beatty. The Hollywood legends received the best actress envelope, which had La La Land actress Emma Stone listed as the winner, instead of best picture.

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