The Review meetings will take place after a final version of a component is considered to be done. If after the meeting there are action items there will be subsequent meetings until the item is considered done by all attending.
The Items that follow are what need to be accomplished during a code review.
Make sure the code works before having a code review.
A code review can be a block of code or and entire project. It depends on the size. Code reviews should only last 1 hour.
Code should follow the coding standard
Look for flaws in the logic
Look for ways to increase the efficiency i.e. look for redundant code.
Look for security flaws
Document items that need to be fixed as TODO items.
The art review should contain most if not all the art for a project. The items that follow are what need to be accomplished during an art review.
Look for uniformity across all art pieces
Make sure there are no missed flaws in the art
Make sure the art is fits the desired audience i.e. if it's for kids make sure it's very non offensive.
Make sure the art flows i.e. one scene following another the end of the first flows with the beginning of the next.