Final answer:
The correct sentence about audit data analytics is that it can be used at any phase of an audit. ADA is versatile and not just restricted to high-risk audits or the risk assessment phase.
Step-by-step explanation:
The correct sentence regarding audit data analytics (ADA) is: "Audit data analytics can be used at virtually any phase of the audit." This is supported by the versatility of ADA in providing auditors with powerful tools to analyze large datasets throughout different stages of an audit, including planning, risk assessment, testing of controls, substantive procedures, and forming an opinion.
It is a misconception that ADA cannot be used during tests of controls, as ADA is often utilized to assess the effectiveness of controls by analyzing transactions and patterns within the data. Furthermore, ADA is not restricted only to high-risk audits nor is it mandated to be used in the risk assessment phase, although it can be highly beneficial in these contexts.