A peer review, a review technique, which is a static white-box testing which are conducted to spot the defects early in the life cycle that cannot be detected by black box testing techniques.
Peer Reviews are documented and uses a defect detection process that has peers and technical specialist as part of the review process.
The Review process doesn't involve management participation.
It is usually led by trained moderator who is NOT the author.
The report is prepared with the list of issues that needs to be addressed.