Reporting Services Permission Error

I have Reporting Services installed on SharePoint 2010. I created a new web application in SharePoint and then created a Site Collection. I then created a Report Library and then created a report. I opened the report from the link in the Report Library and I got the following error.

Report Server has encountered a SharePoint error. (rsSharePointError)

 

Access is denied. (Exception from HRESULT: 0x80070005 (E_ACCESSDENIED))

 

For more information about this error navigate to the report server on the local server machine, or enable remote errors

 

To fix the error I did the following:

1. Go to Central Administration | Application Management | Manage web applications
2. Select your web application
3. Click User Policy in the ribbon
4. Add Users the Reporting Services service account and give it Full Control.