Incorporate live fails with HRESULT: 0x80070005 (E_ACCESSDENIED) (4264249)

When attempting to Incorporate Live the changes that have been made to a GPO, the following error is displayed:

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

Server stack trace:
   at Quest.Avalanche.Interops.GpmGmt.GPMGPOClass.set_DisplayName(String pVal)
   at Quest.Avalanche.ClassLibrary.LiveEnvironment.LivePolicy.Import(PolicyData data)
   at Quest.Avalanche.ClassLibrary.LiveEnvironment.LivePolicy.MakeCompliant(Backup compliantBackup, IDictionary`2 complianceActions, String& newName)
   at Quest.Avalanche.VersionControl.Workflow.VersionControlled.MakeCompliant(IDictionary`2 complianceActions)
   at Quest.Avalanche.VersionControl.VersionControlManager.MakeCompliant(Guid controlledObjectId, IDictionary`2 complianceActions)
   at System.Runtime.Remoting.Messaging.StackBuilderSink._PrivateProcessMessage(IntPtr md, Object[] args, Object server, Int32 methodPtr, Boolean fExecuteInContext, Object[]& outArgs)
   at System.Runtime.Remoting.Messaging.StackBuilderSink.SyncProcessMessage(IMessage msg, Int32 methodPtr, Boolean fExecuteInContext)

The GPOAdmin service account has insufficient permissions to modify the GPO in Active Directory.

1. In GPOAdmin MMC Console, locate the GPO in question
2. Right-click the GPO and select Properties
3. Copy the value of the GPO's Unique ID
4. Launch the ADSIEdit native snapin
5. Expand the <domain> | CN=System | CN=Policies container
6. Find the policy by the policy Unique ID GUID obtained previously
7. Right-click the policy and select Properties
8. Select the Security tab and click Advanced
9. Select the Owner tab and make sure the GPOAdmin service account is set as the GPO owner
10. Select the Permissions tab and make sure the Allow inheritable permissions from this object's parent is checked.
11. Select the Effective Permissions tab and click Select
12. Specify the GPOAdmin service account and verify the actual permissions it has over the GPO
13. Consider adding the GPOAdmin service account to the Domain Admins group in the managed domain, if the permissions are insufficient