conditional formatting if other cell contain value

You can create a C:C column with an IF(B1="APPROVED";A1;"") and a D:D column with the same formula (but "denied" instead of approved) and add a conditional formatting with some conditions to the A1 cell:

1) if the A1 cell is equal to the correspondant C1, then color it green (excel will give you "$C$1", remove the $ marks on the number);

2) if the A1 cell is equal to the correspondant D1, then color it red (excel will give you "$D$1", remove the $ marks on the number);

Then save the conditions; now copypaste (special paste: format) the cell on all C column. At the end, hide column C and D for a better graphic result. Buon lavoro!