The bijaskhara "om" is used among Jains as well as vedikas, Buddhists
and Sikhs.
Its significance is described in Dravya-sangrah by quoting an ancient
prakrit line:
om ekaakshara paJNchaparameshhThinaamaadipam.h.
tatkathamiti cheta
ariha.ntaa asariiraa aayariyaa taha uvajjhaayaa muNiyaa.n.
"om" one akshara, is made from the initials of the five
parameshThis. It has been said:
"Arihanta, Ashiri (i.e. siddha), Acharya, Upadhyaya, Munis(sadhus)"
Thus "om" is a+a+a+u+m and thus stands for all the five parameshThis.