A report by the Academic Quality Agency for New Zealand Universities (AQA), released yesterday, focused on the teaching, learning and student support provided by the institution.
The university was audited in May.
University of Otago vice-chancellor Prof Harlene Hayne said she was pleased by the audit's findings.
''The academic audit report confirms that Otago is providing a very high standard of student support, and that we have a positive teaching and learning framework that is underpinned by quality decision-making processes.''
The audit panel acknowledged the university's ''clear and coherent strategic framework'' and decision-making processes.
The panel also commended the institution's recognition of the role played by residential colleges in the student experience, and the importance of the personal and academic development of its graduates.
''The report clearly shows Otago supports a culture of teaching excellence.
''This culture is something in which I take great pride,'' Prof Hayne said.
The audit followed the methodology used for all New Zealand universities in the fifth cycle of academic audits.
The academic audit made 12 commendations, seven affirmations and six recommendations.
Recommendations included further supporting students at risk of underperformance, developing the Maori Strategic Framework and further considering the variation in the support needs of postgraduate research students.
A University of Otago spokeswoman said the university was already addressing some of the recommendations.
The last AQA audit was carried out in 2011.