An error has occured while starting Cognos Planning - Contributor Administration

Symptom
An error has occured while starting Cognos Planning - Contributor Administration.
Main form failed to initialize.
Error details:
Automation error
The specified proceure could not be found

Problem
This error occurs when opening Planning Contributor on a client.

Cause
Contributor Administration console version is different than the Planning server. To avoid these kind of problems always install the same software version on the client and on the server.

Solution
Bring Contributor Administration Console (CAC) to the same version as your Planning server.
Steps
1. Install correct version
2. Open configuration Manager
3. Apply and save settings
4. Open Contributor Administration