SharePoint: DCOM Error 10016

I you get Access Denied errors in SharePoint then take a look at Event Viewer to see if there are some DCOM 10016 Event Errors in System log: The application-specific permission settings do not grant Local Launch permission for the COM Server application with CLSID {A9E69610-B80D-11D0-B9B9-00A0C922E750} to the user NT AUTHORITY\NETWORK SERVICE SID (S-1-5-20) from address LocalHost (Using LRPC). This security permission can be modified using the Component Services administrative tool. If there is such error then follow the steps below to get this error fixed.

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