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Default change current cell colour based on the value of adjacent cell on other worksheet

I am currently working on one complicated excel spreadsheet. I wish to
change current cell colour based on the value of adjacent cell on other
worksheet. In simple words I have 2 worksheets. On worksheet 1 to
monitor the project status I am using conditional formatting. for
example if value of cell A1 is equal to Completed then cell colour
changes to GREEN if it's Hold then RED and if Progressing then
YELLOW. This is standard !!!

Now on 2nd worksheet I wish to monitor the value of the cell A1 on
worksheet 1 and if value changes from blank to Completed , Hold or
Progressing then I wish to change the colour of the cell B1 on
worksheet 2.

Is it possible to achieve this in Microsoft Excel? I will appreciate
if someone tell me how to do this?

 
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