VIDEO: Wrong Best Picture Winner Announced in History-Making Oscar Moment; PwC, Academy Issue Statements

In a history-making Oscar moment, presenters Warren Beatty and Faye Dunaway erroneously announced that LA LA LAND was the winner of Best Picture, the evening's final prize. The cast of the film, which had already picked up six Oscars during the night, took the stage and producers began their speeches. Midway through however, it became apparent that something was amiss.

"There's a mistake. 'Moonlight' you guys won best picture," producer Jordan Horowitz said to the stunned Dolby Theater audience. "This is not a joke, come up here. Moonlight has won best picture."

Beatty then came back to the microphone in an attempt to explain the blunder, saying, "I want to tell you what happened. I opened the envelope and it said Emma Stone, 'La La Land.' That's why I took such a long look at Faye and at you. I wasn't trying to be funny." Watch the video!

2/27: An updated statement was released today by the accounting firm of PricewaterhouseCoopers:

"PwC takes full responsibility for the series of mistakes and breaches of established protocols during last night's Oscars," the new statement says. "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. Once the error occurred, protocols for correcting it were not followed through quickly enough by Mr. Cullinan or his partner."

"We are deeply sorry for the disappointment suffered by the cast and crew of La La Land and Moonlight. We sincerely apologize to Warren Beatty, Faye Dunaway, Jimmy Kimmel, ABC, and the Academy, none of whom was at fault for last night's errors. We wish to extend our deepest gratitude to each of them for the graciousness they displayed during such a difficult moment. For the past 83 years, the Academy has entrusted PwC with the integrity of the awards process during the ceremony, and last night we failed the Academy."

The Academy has also issued the following statement:

"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."