Accepted answer
A reference standard is a material of known identity and established purity against which you compare everything else, and it is the foundation of quantitation.
A standard purchased from a supplier carries a certificate stating its purity, and that purity is your starting point for understanding your result.
System suitability for a standard includes that replicate measurements of the same standard give consistent results, and if they do not, something in the method or the instrument is wrong.
Certified reference materials are available from national metrology institutes and carry full documentation of their purity and traceability.
Do not use an in-house standard without independent verification of its purity.