PricewaterhouseCoopers (PwC), the accounting firm in charge of the ballot-counting process for the Oscars, has apologized for the best picture mix-up.

At the 89th Academy Awards, award presenters Warren Beatty and Faye Dunaway mistakenly declared that La La Land was the winner of Best Picture, while in fact it was Moonlight that earned the top prize.

"The presenters had mistakenly been given the wrong category envelope and when discovered was immediately corrected," PwC statement read.

The gaffe, dubbed as the “craziest Oscar moment of all time” by La La Land star and Best Actress Emma Stone afterwards, was clarified halfway through the film producers' acceptance speech, to much gasps, disbelief and commotion.

PwC has overseen the Academy's ballot-counting process for the past 83 years.