To improve enforcement of the Employee Retirement Income Security Act of 1974, by adding certain provisions with respect to the auditing of employee benefit plans.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) to repeal, for plan years beginning in 1992 or thereafter, the limited scope audit exemption (which currently allows the exclusion of assets held by regulated financial institutions from required financial audits of employee benefit plans).

Requires peer review of the person's accounting and auditing practice with respect to employee benefit plans for the three years prior to engagement as a qualified public accountant for purposes of such required financial audits.

Requires plan administrators and accountants to notify the Secretary of Labor of violations of certain criminal laws with respect to employee benefit plans. Requires plan administrators to notify the Secretary and give the reasons for any termination of an engagement of an accountant for plan auditing services.

Requires that the accountant be given a copy of such report and an opportunity to disagree with the reasons for the termination. Authorizes the Secretary to assess a civil penalty against any administrator or accountant who fails to provide the Secretary with such required notifications.