We demonstrate that there exists a universal, near-optimal recovery map-the transpose channel-for approximate quantum error-correcting codes, where optimality is defined using the worst-case fidelity. Using the transpose channel, we provide an alternative interpretation of the standard quantum error correction (QEC) conditions and generalize them to a set of conditions for approximate QEC (AQEC) codes. This forms the basis of a simple algorithm for finding AQEC codes. Our analytical approach is a departure from earlier work relying on exhaustive numerical search for the optimal recovery map, with optimality defined based on entanglement fidelity. For the practically useful case of codes encoding a single qubit of information, our algorithm is particularly easy to implement. © 2010 The American Physical Society.