The server is configured to use pass-through authentication with a built-in account to access the specified physical path. However, IIS Manager cannot verify whether the built-in account has access. Make sure that the application pool identity has Read access to the physical path. If this server is joined to a domain, and the application pool identity is NetworkService or LocalSystem, verify that <domain>\<computer_name>$ has Read access to the physical path. Then test these settings again.
I have written Web Page in 2012 Framework .net 4.0. The Default AppPool Identity is .net Framework 4.0. I change the security permission of the AppDefaultPool to R/W/RX/L to access the directory path in IIS