ORIGINAL EQUIPMENT MANUFACTURER Definition

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ORIGINAL EQUIPMENT MANUFACTURER (OEM) is a company that builds components or systems that are used in systems or products sold by another company using the purchasing companys brand. Sometimes referred to as "private label."

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DUAL PURPOSE TEST is when audit procedures are classified both as substantive tests and tests of controls. When an audit procedure provides both types of evidence it is a dual purpose test.

WORKING PAPERS, in accounting, are papers that document the evidence gathered by auditors to show the work they have done, the methods and procedures they have followed, and the conclusions they have developed in an audit of financial statements or other type of engagement.

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