Please be aware this is not a universal definition, and these services can vary between agencies. For instance, I am a project manager and at my agency "editing" means comparing the translation with the source text and making changes for style, meaning and so on; proofreading is where the freelancer receives only the text in their own language (ie not the source txt) and must check it for typos, punctuation, corrupted characters etc.
Absolutely, this is what these terms usually mean in a translation context.
Be advised many translation agencies will insist on paying a single rate for reviewing projects, no matter what amount of revision is involved. I personally charge different hourly rates for proofreading, basic editing or extensive editing/rewriting. And I always check with the client which level of revision they require. If I am given a text for basic editing, and it turns out the translation is a disaster, I will bring that to the client's attention to find out if they will agree to extensive editing. I would never assume before asking.
Hope this helps,
Accredited Translator, EUTI
[Edited at 2003-11-13 05:08]