You are the financial controller of TESCO, a listed entity which prepares consolidated financial statements in accordance with International Financial Reporting Standards $($IFRS$).$ The chief executive officer $($CEO$)$ of TESCO has reviewed the draft consolidated financial statements of the TESCO group and of a number of the key subsidiary companies for the year ended $30$ June $2024.$ None of the subsidiaries are listed entities but all prepare their financial statements in accordance with IFRS. The CEO has sent you an email with the following queries:

$($a$)$ In accordance with IFRS $10-$Consolidated Financial Statement, discuss the circumstances in which an entity is required to prepare and present consolidated financial statements.