Formal Technical Reviews are conducted by software engineers. The primary objective is to find errors during the process so that they do not become defects after release of software as they uncover errors in function, logic design, or implementation. The idea is to have early discovery of errors so they do not propagate to the next step in the process. They also ensure that the software has been represented according to predefined standards and it is developed in a uniform manner. They make projects more manageable and help groom new resources as well as provide backup and continuity.
Quality cannot be assured without first understanding its nature and characteristics. So the first question one has to ask is: what is quality?
Software quality is defined as conformance to explicitly stated functional and non-functional requirements, explicitly documented development standards, and implicit characteristics that are expected of all professionally developed software.