Final answer:
General transaction-related audit objectives do indeed vary from audit to audit, reflecting the unique aspects of each client's business and industry. This customization ensures that the auditor's approach is appropriate for the specific risks and requirements of the audit at hand.
Step-by-step explanation:
The statement that 'general transaction-related audit objectives vary from audit to audit, depending on the nature and characteristics of the client's business and industry' is True. When an auditor undertakes an audit, they set specific objectives to ensure that the financial statements are free of material misstatement. These objectives, known as audit objectives, are influenced by the client's business environment and the industry in which they operate. The risks associated with different industries and businesses can lead to variations in the audit approach, as auditors tailor their objectives and procedures to address these risks effectively. For example, inventory audits in a manufacturing company will differ significantly from service revenue audits in a law firm.