Layout Versus Schematic (LVS) checking compares the extracted netlist from the layout to the original schematic netlist to determine if they match. Common issues found during LVS include opens, shorts, internal shorts within macros, power/ground shorts with signal nets, missing components, and missing global net connections. Resolving LVS issues such as reconnecting open nets, rerouting shorted nets, adding routing blockages, modifying component lists, and connecting power/ground pins can help verify the correctness of the physical design implementation.