@emergingsoul -- "what are the things that should be considered when listening and judging an audio system..."
Seems like you are unnecessarily complicating things. The single overriding question to answer is: do you enjoy music when played on your system, or do you find yourself constantly wishing that it did something or another better?
Note the phrase "constantly wishing" -- due to the inconsistency of recordings, there will always be some tracks that may sound better on another setup. However, if you like your system most of the time on a high percentage of your favorite music, consider your system "good." Your goal is to make yourself happy, not impress some other audiophile on an internet forum.
Also note that many aspects of your existing system may be able to be improved for little or no cost. The position of speakers in a room can have a profound impact on imaging/soundstage and bass quality, so try moving things around a bit. Or, something like a throw rug on a bare floor can help. You don't always have to throw money at the latest audiophile fad to make things better.