Acc2010: You receive an error in Microsoft Access using the built-in wizards after installing Microsoft Office 2010 SP1

KB Article: https://support.microsoft.com/kb/2581301

INTRODUCTION

When using the built-in wizards in
Microsoft Office Access 2010 (64-bit) after applying Service Pack 1 (SP1), you
receive the error:

"The database cannot be opened because the VBA project contained in it
cannot be read. The database can be opened only if the VBA project is first
deleted. Deleting the VBA project removes all code from modules, forms and
reports. You should back up your database before attempting to open the
database and delete the VBA project."
Once you click OK on this message, you may receive any of the errors
below:

Cannot update. Database or object is read-only.

OR

The Visual Basic for Applications project in the database is corrupt.

OR

Microsoft Access can't find the wizard. This wizard has not been installed,
or there is an incorrect setting in the Windows Registry, or this wizard has
been disabled.