When revisiting this question it is not to question values, as I believe these endure and should not change. They are the essence of the company founder(s) and are discovered rather than created. What is important here is to ask whether people are adhering to those values and know what they are. As an organization grows more people, vendors, and subcontractors are acting on behalf of the company. The guide lines for making and how people are to conduct themselves must be clear. The leaders and founders cannot be everywhere, so institutionalizing a hand full of rules makes building culture easier. It must clear that failure to adhere to the guidelines will result in termination of relationship with the company. It is these core rules that create the culture of your company and help people decide whether they want to work for and do business with the company.
This is an explanation from question #2 from my article “12 Questions You Need To Ask Constantly.”