So why did both fuses blow, they must have went at the same time, did you check all around there with it un-powered with a DMM ? Something probably went short or near short circuit, and passed way too much current for the fuses. Maybe it was temperature related, if it doesn't immediately blow up again, after replacing the fuses.
I'd want to un-solder and check all the electrolytic capacitors, at least on the power rails, with a DMM or an LCR/ESR meter if you have one. I'd check all the diodes and BJT's and regulators too. But yeah I know, taking apart a stereo, and desoldering a bunch of stuff isn't for everyone, but taking out the caps, really makes it easier to check the rest of it.
Also I'd want to know for sure what the SMPS is doing, does it share those fuses from that AC in ? What voltage is the AC in ? I'd check all that unpowered at 1st too. If the SMPS isn;t working now, and the fuses aren't blowing, I'd be looking there right away too.
When testing and repairing stuff like this, it's great to use a series limiting light bulb, ...in series with the DUT. Then if the DUT becomes a short for any reason, even like from your DMM probes slipping, welll then all that happens is the old style incandescent light bulb turn's on. But depending on how much current the DUT draws normally, the voltage drop across the bulb can be a lot, and the DUT might not work right.
Also an isolation transformer would be nice, and an auto-transformer.
Do you have an oscilloscope ? The voltage rails might be doing worse things than a DMM can see. And sometimes for repairs like this, I will disconnect certain areas, and power them from my own PSU, with safe current limits.
Ok but you're saying the SMPS is not getting a power-good, turn-on signal ? Again I'd check as much of both PSU's un-powered 1st, then I might try applying the power-on signal, and see what happens. If the SMPS sees that it has a problem, it won't want to turn on, or not for very long, and you might need a scope to see it trying.
For the audio signal, I'd make sure all the chips are getting Vcc and aren't burning up. Then I'd start tracing the signal path in from the inputs. Depending on the PCB's, it might be easy to remove a section, and power it and check it, but again I have a bench PSU, so it's pretty safe.