Crystal Reports runtime is not installed correctly

The following exception occurred: The type initializer for 'CrystalDecisions.CrystalReports.Engine.ReportDocument' threw an exception.
 
Exception detail:
-------------------------------------------------------
System.TypeInitializationException: The type initializer for 'CrystalDecisions.CrystalReports.Engine.ReportDocument' threw an exception. ---> CrystalDecisions.CrystalReports.Engine.LoadSaveReportException: An error has occurred while attempting to load the Crystal Reports runtime.
 
Either the Crystal Reports registry key permissions are insufficient or the Crystal Reports runtime is not installed correctly.
 
Please install the appropriate Crystal Reports redistributable (CRRedist*.msi) containing the correct version of the Crystal Reports runtime (x86, x64, or Itanium) required.  Please go to http://www.businessobjects.com/support for more information.
   at CrystalDecisions.CrystalReports.Engine.ReportDocument.CheckForCrystalReportsRuntime()
   at CrystalDecisions.CrystalReports.Engine.ReportDocument..cctor()
   --- End of inner exception stack trace ---
   at CrystalDecisions.CrystalReports.Engine.ReportDocument..ctor()
   at CrystalDecisions.CrystalReports.Engine.ReportClass..ctor()
   at visionsoftwaresolutions.fiscal.bus_reports.reports.balance_sheet.BalanceSheetWF.getReportConnectedToData(Int32 options)
   at visionsoftwaresolutions.fiscal.bus_reports.reports.balance_sheet.BalanceSheetWF.GetBalanceSheet(BusFinancialCalcs bfc, Int32 options, String zeroCharacter, Boolean latestStandard, SpreadData spreadData)
   at visionsoftwaresolutions.fiscal.bus_reports.workflow.ShowReportSelect.CreateReports(String financialsGuid, List`1 statementGuids, List`1 ids, GlobalCashFlowKeys globalCashFlowKeys, Int32 options, String zero, Boolean view, List`1 person_keys)
   at visionsoftwaresolutions.fiscal.bus_reports.ui.ReportSelectUI.printPreviewReports(Boolean preview)
   at visionsoftwaresolutions.fiscal.bus_reports.ui.ReportSelectUI.btnPreview_Click(Object sender, EventArgs e)
   at System.Windows.Forms.Control.OnClick(EventArgs e)
   at System.Windows.Forms.Button.OnClick(EventArgs e)
   at System.Windows.Forms.Button.OnMouseUp(MouseEventArgs mevent)
   at System.Windows.Forms.Control.WmMouseUp(Message& m, MouseButtons button, Int32 clicks)
   at System.Windows.Forms.Control.WndProc(Message& m)
   at System.Windows.Forms.ButtonBase.WndProc(Message& m)
   at System.Windows.Forms.Button.WndProc(Message& m)
   at System.Windows.Forms.Control.ControlNativeWindow.OnMessage(Message& m)
   at System.Windows.Forms.Control.ControlNativeWindow.WndProc(Message& m)
   at System.Windows.Forms.NativeWindow.Callback(IntPtr hWnd, Int32 msg, IntPtr wparam, IntPtr lparam)
 
Inner exception detail:
-------------------------------------------------------
CrystalDecisions.CrystalReports.Engine.LoadSaveReportException: An error has occurred while attempting to load the Crystal Reports runtime.
 
Either the Crystal Reports registry key permissions are insufficient or the Crystal Reports runtime is not installed correctly.
 
Please install the appropriate Crystal Reports redistributable (CRRedist*.msi) containing the correct version of the Crystal Reports runtime (x86, x64, or Itanium) required.  Please go to http://www.businessobjects.com/support for more information.
   at CrystalDecisions.CrystalReports.Engine.ReportDocument.CheckForCrystalReportsRuntime()
   at CrystalDecisions.CrystalReports.Engine.ReportDocument..cctor()
                                  

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