When trying to open a Virtual Directory in IIS we are greeted with the following Errors :  

Server Error in ‘/’ Application.
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Configuration Error
Description: An error occurred during the processing of a configuration file required to service this request. Please review the specific error details below and modify your configuration file appropriately.

Parser Error Message: An error occurred loading a configuration file: Failed to start monitoring changes to ‘\\’ because access is denied.

Source Error:

[No relevant source lines]

Source File: \web.config Line: 0

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Version Information: Microsoft .NET Framework Version:4.0.30319; ASP.NET Version:4.0.30319.18446

This is the way the Website is running an Application Pool , you can change the virtual directories to Applications which should fix this , if not try another application pool it runs on