Inspection: An inspection is more formalized than a
Walkthrough, typically with 3-8 people including a
moderator, reader, and a recorder to take notes. The subject
of the inspection is typically a document such as a
requirements spec or a test plan, and the purpose is to find
problems and see what's missing, not to fix anything.
Attendees should prepare for this type of meeting by reading
thru the document; most problems will be found during this
preparation. The result of the inspection meeting should be
a written report.

Walkthrough: A review of requirements, designs or code
characterized by the author of the material under review
guiding the progression of the review.

Inspection:
1.Done by trained Moderator(not Author) 
2.main purpose-Discuss,make Decision,finding defects,slove 
tech problems ects..
3.management participation will be there.

Walkthtough:

1.Done by Author.
2.Main purpose is gaining knowledge,understanding and 
finding defects.
3.optionally a pre-meeting prepartion for review.

Peer Review, Walkthrough and Inspection are the types of
verification.
>> Peer Review: This is a informal approach to the
verification. In this work done by one person will be
reviewed by his/her peer or colleague and he will share his
ideas and views about the work. Here, we can not find
uniform processes.
>> Walkthrough: This is a semi-formal approach to the
verification. In this A senior person or lead of the team
will share his ideas and views about how the work needs to
be done and then all will have to stick to the same
guidelines and do the work that way only. So in this way we
can find somewhat uniformality in the work.
>> Inspection: This is formal approach to the verification.
In this type an individual or a group of persons are
dedicately working on the review process of the entire
organisation. Audit is an example of this.Here we can find
uniformality throughout entire organization.

Inspection:Inspection is to find the defects in software 
product.These are used to improve the quality of documents 
and code and also of the process.Inspections are formal and 
done by domain experts.Inspection team comprises of 3-8 
people (moderator,reader and recorder(to take the 
notes)).the final result is in written report.

Walkthrough:Walkthrough is a informal meeting for 
evaluation and information purposes.Walkthrough is driven 
by author.Programer lead and developemts team involves in 
this and discuss about what to do to improve product.

Pls let me know if I did mistake