What is actual testing process in practical or company environment?

Today I got  interesting question from reader, How testing is carried out in company i.e in practical environment? Those who get just out of college and start for searching the jobs have this curiosity,  How would be the actual working environment in the companies?
Here I focus on software Testing actual working process in the companies. As of now I got good experience of software testing career and day to day testing activities.  So I will try to share more practically rather than theoretically.
Whenever we get any new project there is initial project familiarity meeting. In this meeting we basically discuss on who is client? what is project duration and when is delivery? Who is involved in project i.e manager, Tech leads, QA leads, developers, testers etc etc..?
From the SRS (software requirement specification) project plan is developed. The responsibility of testers is to create software test plan from this SRS and project plan. Developers start coding from the design. The project work is devided into different modules and these project modules are distributed among the developers. In meantime testers responsibility is to create test scenario and write test cases according to assigned modules. We try to cover almost all the functional test cases from SRS.  The data can be maintained manually in some excel test case templates or bug tracking tools.
When developers finish individual modules, those modules are assigned to testers.  Smoke testing is performed on these modules and if they fail this test, modules are reassigned to respective developers for fix. For passed modules manual testing is carried out from the written test cases. If any bug is found that get assigned to module developer and  get logged in bug tracking tool. On bug fix tester do bug verification and regression testing of all related modules. If bug passes the verification it is marked as verified and marked as closed. Otherwise above mentioned bug cycle gets repeated.(I will cover bug life cycle in other post)
Different tests are performed on individual modules and integration testing on module integration. These tests includes Compatibility testing i.e testing application on different hardware, OS versions,  software platform, different browsers etc. Load and stress testing is also carried out according to SRS. Finally system testing is performed by creating virtual client environment. On passing all the test cases test report is prepared and decision is taken to release the product!
So this was a brief outline of process of project life cycle.
Here is detail of each step what testing exactly carried out in each software quality and testing life cycle specified by IEEE and ISO standards:

Review of the software requirement specifications
Objectives is set for the Major releases
Target Date planned for the Releases
Detailed Project Plan is build. This includes the decision on Design Specifications
Develop Test Plan based on Design Specifications
Test Plan : This includes Objectives, Methodology adopted while testing, Features to
be tested and not to be tested, risk criteria, testing schedule, multi-
platform support and the resource allocation for testing.
Test Specifications
This document includes technical details ( Software requirements )
required prior to the testing.
Writing of Test Cases
Smoke(BVT) test cases
Sanity Test cases
Regression Test Cases
Negative Test Cases
Extended Test Cases
Development – Modules developed one by one
Installers Binding: Installers are build around the individual product.
Build procedure :
A build includes Installers of the available products – multiple platforms.
Testing
Smoke Test (BVT)  Basic application test to take decision on further testing
Testing of new features
Cross-platform testing
Stress testing and memory leakage testing.
Bug Reporting
Bug report is created
Development – Code freezing
No more new features are added at this point.
Testing
Builds and regression testing.
Decision to release the product
Post-release Scenario for further objectives.