The goal of this paper is to provide a taxonomical review of verification and validation (V&V) techniques for assessing the accuracy of object-oriented simulation models and to present guidelines for the selection of the techniques based on their effectiveness and costs. The techniques are evaluated based on the identified indicators that relate the techniques to their error detecting capability and the costs that measure the ease-of-use aspects. The paper introduces a preliminary object-oriented model fault taxonomy based on a comprehensive literature survey and authors' experience. The fault taxonomy not only compares and contrasts the error detection capabilities of the techniques but also provides a basis and guidance for detecting specific faults likely to occur due to complexities of object-oriented paradigm such as object/class hierarchies. state-dependent behavior, dynamic and diverse patterns of interactions, among the objects. The guidelines and the comparative analysis of the object-oriented V&V techniques allow practitioners to select the techniques based on the benefits and costs.