Can I set an approval status?

Set your items to be 'approved', 'reviewed', 'ip', 'on hold' etc

For each item you can set the status for an item from within the review, on the bottom right (see the checkmark symbol) given you have the appropriate permissions to approve items.

 

You will be able to see/review these statuses in the project overview both in table and list views - either written out,  or as color indication bar on the left border of each item.