In this paper, we focus on automating two of the widely used Verification and Validation (V&V) activities in the Software Development Lifecycle (SDLC): Software testing and software inspection (also known as review). Concerning the former, we concentrate on automated test case generation using Large Language Models (LLMs). For the latter, we enable inspection of the source code by LLMs. To address the known LLM hallucination problem, in which LLMs confidently produce incorrect outputs, we implement a Retrieval Augmented Generation (RAG) pipeline to integrate supplementary knowledge sources and provide additional context to the LLM. Our experimental results indicate that incorporating external context via the RAG pipeline has a generally positive impact on both test case generation and code inspection. This novel approach reduces the total project cost by saving human testers'/inspectors' time. It also improves the effectiveness and efficiency of these V&V activities, as evidenced by our experimental study.