The timeline below shows various periods of time in which audit procedures are performed and audit related events occur for an ongoing non-public client. Below the timeline is a list of various audit procedures and audit related events. For each item in the list, write the letter for the time period in which the item is most likely to occur or be performed. A time period may be used more than once.

F. After end of fieldwork E. Last day of fieldwork A. D F B. Interim work C. Fieldwork Dec. 31 D. End of field work AUDIT PROCEDURE/EVENT TIME PERIOD Tests of internal controls Auditor updates understanding of internal controls Issuance of financial statements Dating of audit report Observation of client's inventory count (client uses a perpetual system) Preparation of audit program Preparation of engagement letter Review for subsequent events Receive management representation letter Substantive tests of account balances