Connected and Autonomous Vehicles (CAVs) have the potential to revolutionize transportation by addressing critical challenges such as safety, energy efficiency, traffic congestion, and environmental impact. Realizing these benefits, however, requires the development of a rigorous testing and verification framework to enable the safe, efficient, and reliable deployment of CAVs across diverse operational scenarios. Despite the growing body of research, there remains a significant gap in review papers that comprehensively summarize recent studies related to the testing and verification of CAVs while identifying current challenges and highlighting future research directions. This paper seeks to address this gap by presenting a comprehensive review of the existing testing and verification frameworks for CAVs and identifying their associated challenges. Key topics covered include scenario generation, verification cost functions, assertion values, and security considerations. Furthermore, the paper highlights limitations within current frameworks, emphasizing the gaps that hinder systematic and comprehensive evaluations.