Verification: To check if we are doing the right thing.
Validation: To check whether we have developed the software as per the client’s requirements or not.  

Verification typically involves reviews and meetings to evaluate documents,plans, code, requirements, and specifications. This can be done withchecklists, issues lists, walkthroughs, and inspection meetings. Validationtypically involves actual testing and takes place after verifications arecompleted. The term 'IV & V' refers to Independent Verification andValidation.