PwC has now issued a statement on the debacle, revealing they handed Warren and Faye the wrong envelope to present the award with.
They also confirmed an investigation is currently underway to establish how the gaffe happened.
They said: “We sincerely apologize to ‘Moonlight’, ‘La La Land’, Warren Beatty, Faye Dunaway, and Oscar viewers for the error that was made during the award announcement for Best Picture.
“The presenters had mistakenly been given the wrong category envelope and when discovered, was immediately corrected. We are currently investigating how this could have happened, and deeply regret that this occurred.”
They added: “We appreciate the grace with which the nominees, the Academy, ABC, and Jimmy Kimmel handled the situation.”