IIS 6 - Event Code 3005 - An unhandled exception has occurred

Question

I've been looking through one of our server event log's and have noticed that the following event is being repeatedly logged recently. We've had no issues reported by any users, but is this something I should be worried about? Thanks

    Event code: 3005 
Event message: An unhandled exception has occurred. 
Event time: 02/05/2014 09:23:24 
Event time (UTC): 02/05/2014 08:23:24 
Event ID: f5ebcff35cf640c993eb166287a19305 
Event sequence: 1 
Event occurrence: 1 
Event detail code: 0 

Application information: 
    Application domain: /LM/W3SVC/1799576733/Root/updates-22-130434926043437500 
    Trust level:  
    Application Virtual Path: /updates 
    Application Path: C:\OPERATE_X_INTRANET\APPLICATIONS\OPERATE_X\BOOKIT-EDI\PUBLIC\updates\ 
    Machine name: GBOPS-6438

Process information: 
    Process ID: 988 
    Process name: w3wp.exe 
    Account name: NT AUTHORITY\NETWORK SERVICE 

Exception information: 
    Exception type: HttpException 
    Exception message: Server cannot access application directory 'C:\OPERATE_X_INTRANET\APPLICATIONS\OPERATE_X\BOOKIT-EDI\PUBLIC\updates\ '. The directory does not exist or is not accessible because of security settings. 

Request information: 
    Request URL: http://www.operate-x.ps.int/updates/post.aspx?id=06d166d9-f805-4b98-a79c-826fb90bbc1f 
    Request path: /updates/post.aspx 
    User host address: 208.89.209.130 
    User:  
    Is authenticated: False 
    Authentication Type:  
    Thread account name: NT AUTHORITY\NETWORK SERVICE 

Thread information: 
    Thread ID: 7 
    Thread account name: NT AUTHORITY\NETWORK SERVICE 
    Is impersonating: False 
    Stack trace:    at System.Web.HttpRuntime.EnsureAccessToApplicationDirectory()
   at System.Web.HttpRuntime.HostingInit(HostingEnvironmentFlags hostingFlags)

Answer 1

It seems that Network service does not have write permission to 'C:\OPERATE_X_INTRANET\APPLICATIONS\OPERATE_X\BOOKIT-EDI\PUBLIC\updates\' folder

System.Web.HttpRuntime.EnsureAccessToApplicationDirectory()

To fix it
folder --> Properties --> Security --> Edit --> Add --> Network Service as Name and give the permission.