In practical terms we say a spacetime is spherically symmetric in GR when we have coordinates in which the spacetime metric takes the form: $$ds^2 = -f(r,t)dt^2 +g(r,t)dr^2+h(r,t)d\Omega^2 \tag{*}$$ If $h(r,t)$ is not a constant, further transformations can be carried out to obtain the metric in the following form: $$ds^2 = -f(r,t)dt^2 +g(r,t)dr^2+r^2d\Omega^2 \tag{1}$$ where $d\Omega^2$ is the metric of a 2-sphere.
However one can also provide an "algebraic" definition based on the symmetry group of the spacetime: a spacetime is spherically symmetric if its isometry group contains a subgroup isomorphic to $SO(3)$ whose orbits are 2-spheres.
Some authors (i.e. Carroll) do not mention this second requirement on orbits, and one might wonder whether it is necessary. Can someone provide a counterexample of a spacetime whose isometry group contains a copy of $SO(3)$ yet cannot be brought into the form $(*)$, with proof?
Note: this question has been edited to reflect the fact that the most general form of the metric is $(*)$ and not $(1)$, for which there is a simple counterexample provided in the answer by user A.V.S.