Reporting Services Error !

I have installed SQL Server Reporting Services and I recieve the following error when I attempt to call the reportserver from the URL.

"Server Application Unavailable
The web application you are attempting to access on this web server is currently unavailable. Please hit the 'Refresh' button in your web browser to retry your request.

Administrator Note: An error message detailing the cause of this specific request failure can be found in the application event log of the web server. Please review this log entry to discover what caused this error to occur. "

In the event log, the following error is recorded..."

"aspnet_wp.exe could not be started. The error code for the failure is 80004005. This error can be caused when the worker process account has insufficient rights to read the .NET Framework files. Please ensure that the .NET Framework is correctly installed and that the ACLs on the installation directory allow access to the configured account. "

I have ran "aspnet_regiis -i" after installing reporting services...
I have validated that ASPNET has the correct permissions...
I have validated that ASPNET user account has not been lockedout...
I have restarted the Report Server service...
I have restarted the IIS service...
I even have restarted the server...

Does anyone have any other ideas that may help! Thank you in advance.Try this url it is permissions related. Hope this helps.

http://support.microsoft.com/default.aspx?scid=kb;en-us;315158

Kind regards,
Gift Peddie|||My server is not a domain controller. The instructions on the link that you provided addresses the issue if it is a domain controller.

I did check my machine.config file and the <processModel> contains:

userName="machine"
password="AutoGenerate"

Why wouldn't this work for a non-domain controller server?|||Also, by the way, I have installed the .Net 1.1 hot fix|||I am sorry I did not ask you if you installed the Reporting Services and SQL Server with Service accounts because when SQL Server is installed in a Networked box is it good practice to use Service accounts so you will not get all the permissions related errors. Hope this helps.

Kind regards,
Gift Peddie|||I am using the domain service account. Would I need to change the machine.config file to different settings other than below?

userName="machine"
password="AutoGenerate"

Also, when I attempt to run rsactivate, I recieve the following error:
Failure parsing the config file.
Invalid URI: The host name could not be parsed.

The config file that it is referring to is the rsreportserver.config.|||Reporting Service applications are run through IIS so the username should be the Asp.net worker process account which is different from the service account used to install Reproting Service. You may also need to give Asp.net account full permissions to the Reporting application root folder. Hope this helps.

Kind regards,
Gift Peddie