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Independent verification and validation (IV&V) involves V&V done by a third party organization not involved in the development of the product. Thus, the product, such as a software, gets examined by third party. The main check performed is whether user requirements are met along side ensuring that the product is structurally sound and built to the required specifications.
IV&V helps to find out discrepancies in the product quality and specifications helping product developers to build product, which meet all the user requirements. IV&V also ensures that developers are adhering to the regulations and budgets.
For software products, the IV&V organization may perform reviews of the source code, examine the associated product documentation and analyze associated algorithms for static verification. It also performs dynamic verification by different testing methods such as integration testing to ensure that all software units (modules) are meshed as one, tested and properly work together. Functional testing is done to ensure that functionality meets user requirements. In addition, system testing is carried out over the entire software and hardware system to make sure that it is working as per the user requirements and acceptance.