Comment 25 for bug 537703

This workaround works for me too! (That means that I have this issue as well)

$ compiz --version
Compiz 0.9.11.2

$ lsb_release -a
LSB Version: [snip]
Distributor ID: Ubuntu
Description: Ubuntu 14.04.1 LTS
Release: 14.04
Codename: trusty

Strange thing is, that this workaround not only fixed the terminal bell, but also sounds I didn't know about!
 - Sound played on login
 - Notification-sounds from "workrave" (tool that tells you to take a micro-break)
 - Skype notifications-sounds (Skype itself did work, but the pop-ups about ppl going on-/offline work too now)