You do but there are a few other modifications...this is taken from some troubleshooting steps that I had to take and were recommended to me:
Additional NOTES for 7.1:
In regard to the service account instructions, if you will be installing on Server 2008 R2, these changes apply:
1. You do not need to run the aspnet_regiis.exe -ga command line.
2. To change the Default App Pool to use the service account, you right-click and then go to Advanced Settings (instead of Properties) > Identity tab.
3. The Windows service for the application in version 7.1 is called Symantec Workflow Server instead of Logicbase 2006 Server Extensions. The same instructions for modifying it to use the service account apply.