automatically change the value in one cell based on other

Hi All,

Hope you all are safe and doing well.

I need a help with the excel with the below

I need 2 things;
1st:
I have a sheet with data validation controls. Please see the attached excel sample sheet.
What I need is when a value is selected from the dropdown list in Column B, in column A it should come as "Ready for Review".
I have tried a formula (check A7), but not helping me .

2nd:
When user select the dropdown list in column B and the status gets updated to "Ready for review" in column A, I need an audit trial in column C, Like the date, time and user name. I am not sure is this is possible.

Thanks in advance.
EDIT1: added xlsm sheet for Sintek to review.

NOTE: The code works fine. I was trying to run the code so was having problem. you do not have do anything. you just put it in Sheet1 and save it. I will work seamlessly.

Put code in Sheet Module

Private Sub Worksheet_Change(ByVal Target As Range)
If Not Intersect(Target, Range("B:B")) Is Nothing Then
    Application.EnableEvents = False
    With Target
        .Offset(, -1) = "Ready For Review"
        .Offset(, 1) = Environ("UserName") & " | " & Now()
    End With
    Application.EnableEvents = True
End If
End Sub

Is the code in the Sheet Module...

So all is sorted...? Thanks for rep +