Which of the following competencies would typically involve oversight during the execution phase?

During the execution phase of a contract, administering the contract is a crucial competency, as it encompasses the ongoing management and oversight of the contract's performance and compliance. This entails ensuring that both parties fulfill their obligations as specified in the contract, monitoring progress, managing communications, and addressing any issues that arise.

Administering a contract involves day-to-day management tasks, which can include ensuring that deliverables are completed on time, managing contractual obligations, and facilitating effective communication between the parties involved. This role often requires the contract manager to document performance, maintain records, and keep stakeholders informed.

While managing changes and conducting audits are also important aspects of contract management, they typically play specific roles within certain contexts. Managing changes may arise during or after the execution phase but is more of a response to deviations from the original agreement. Conducting audits, on the other hand, generally takes place at various intervals to assess compliance and performance but is not continuously required throughout the execution phase.

In conclusion, administering the contract accurately reflects the ongoing oversight and management functions that are essential during the execution phase, making it the correct choice among the options provided.