Stored Procedure and Permissions – Is EXECUTE enough?

Permissions on tables are not checked (including DENY) if tables and proc have the same owner. They can be in different schemas too as long as the schemas have the same owner.

See Ownership chaining on MSDN

Edit, from a comment from a deleted answer.

The context is always the current login unless EXECUTE AS as been used: only referenced object DML permissions are not checked. Try OBJECT_ID(referencedtable) in a stored proc where no rights are assigned to referencedtable. It gives NULL. If executed by the owner of the stored proc then it would give a value because owener has rights on referencedtable

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