Time listed in logs is differnt than system clock. How do I reset?

My system log for my website is showing different times than the system clock. For example, if I open the most recent system log (which is dated 8/5/2008 - despite today being 8-6-2008 and the system clock reflecting that), I see this as the header:

#Software: Microsoft Internet Information Services 6.0
#Version: 1.0
#Date: 2008-08-06 00:00:00

However, when I scroll down the log, it starts as follows:
2008-08-05 23:59:59 W3SVC1302395675 (additional data deleted ...)
2008-08-05 23:59:59 W3SVC1302395675
2008-08-05 23:59:59 W3SVC1302395675
2008-08-05 23:59:59 W3SVC1302395675
2008-08-06 00:00:01 W3SVC1302395675
2008-08-06 00:00:01 W3SVC1302395675

Which is all fine and good, but it ends with:

2008-08-06 16:33:49 W3SVC1302395675 (additional data deleted...)
2008-08-06 16:33:49 W3SVC1302395675
2008-08-06 16:33:49 W3SVC1302395675
2008-08-06 16:33:49 W3SVC1302395675

The way I read that the time should be 4:33:49 P.M. on 8/6/2008. However, it is only 12:39 P.M. on 8/6/2008.

How can I reset that so I can use the logs for diagnostics or am I reading something wrong?
Thanks