Final answer:
The correct answer is B) Effective purchasing systems, which is not a primary objective of internal control as outlined by COSO. The three main objectives are efficiency and effectiveness of operations, compliance with laws and regulations, and reliable financial reporting.
Step-by-step explanation:
Among the options given, B) Effective purchasing systems is not a primary objective of internal control as established by COSO (the Committee of Sponsoring Organizations of the Treadway Commission). COSO's internal control framework outlines three primary objectives: A) Efficiency and effectiveness of operations, C) Compliance with laws and regulations, and D) Reliable financial reporting.
While effective purchasing systems may contribute to the efficiency and effectiveness of operations, they are not a primary objective themselves. Instead, they are a component of broader operational objectives within an organization. The purpose of an internal control system is to ensure that the organization's operations are efficiently and effectively carried out, that it complies with applicable laws and regulations, and that its financial reporting is accurate and reliable.