I need to have a formula that says if one cell says CO and another says Y
then another cell links off to the hyperlink otherwise it says pending. This
is fine and it works:

=IF(AND(AQ61="Y",B61="CO"), HYPERLINK($AW$61&C61&".pdf","Approved"),"Pending")


However the cell that says CO can also say PO and these will hyperlink off
to somewhere else so I need to do an OR function. I did a simple version
with TRUE/FALSE instead of the hyperlink and that works fine:


=OR(IF(AND(AQ61="Y",B61="CO"),TRUE,FALSE),IF(AND(A Q61="Y",B61="PO"),TRUE,FALSE))

However when I put the hyperlink in it comes back as #VALUE:

=OR(IF(AND(AQ61="Y",B61="CO"),
HYPERLINK($AW$61&C61&".pdf","Approved"),"Pending") ,IF(AND(AQ61="Y",B61="PO"),
HYPERLINK($AW$60&C61&".pdf","Approved"),"Pending") )


Does anyone have any ideas what I need to change to make it work please?
Thanks.