Almost 24-hours after the Best Picture Oscar was awarded to La La Land instead of the true winner, Moonlight, the Academy of Motion Picture Arts & Sciences has released a statement, apologizing to those involved in the error.

Deeply regretting the mistake, the Academy saluted the “tremendous grace they displayed under the circumstances.” PricewaterhouseCoopers, who issued a second apology just minutes before, took full responsibility for the error, clarifying that PwC partner Brian Cullinan “mistakenly handed the back-up envelope for Actress in a Leading Role instead of the envelope for Best Picture to presenters Warren Beatty and Faye Dunaway.”

After the unforgettable incident, the Academy stated that they “have spent last night and today investigating the circumstances, and will determine what actions are appropriate going forward.”

Read the statement below:

“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.”