To resolve you need to give the NetworkService/LocalService or ASP.NET user permission to read from the event log registry entries.
1. Select Start - Run, then enter: regedt32
2. Navigate to the following key:
HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Services\Eventlog\Security
3. Right click on this entry and select Permissions.
4. Add the NetworkService/LocalService/ASPNET user.
5. Give it Read (Full) permission.