i dont know about the sequence but few other operations are also got performed here like
@sql variable assignment.
excecution of dynamic sql , displaying results , different type of locks
i watched it on profiler( see attachment) and found some extra events in case of dynamic sql though i am not aware of them but it concluded that there are some hidden events occured in case of dymanic sql
-------Bhuvnesh----------
I work only to learn Sql Server...though my company pays me for getting their stuff done;-)