In one case, this Event ID appeared on Windows 2003 SP1 when .NET Framework 1.0 was installed. To avoid this event, go to Start -> Settings -> Control Panel -> Add or Remove Programs -> Add/Remove Windows Components. Highlight "Application Server" and click Details. Ensure that the ASP.NET entry and any others you require are checked. The ASPNET local account should exist and not be disabled. The “ASP.NET State Service” service should exist and by default this has a startup type of "Manual". Ensure that this service can be started and stopped.
I installed IIS (on WinXP Pro SP1) prior to installing the .NET Framework *REDISTRIBUTABLE* and the problem was solved. During .Net Framework installation (after IIS was installed) the following events appeared: 1017, 1019, 1022 and 1024 (information type).