The above fix did not work for me.
My current Audio CD launch command was: parole --device=%d
and now is: parole --device=%d cdda://
but neither works.

At first, when launched from the command line, I got errors related to connecting to gstreamer. A software update fixed this automagically. I think gstreamer1.0 was not installed at first. However I still got the same error message from the GUI as reported originally in this bug report.

$ lsb_release -rd
Description:	Ubuntu 14.04.1 LTS
Release:	14.04

$ apt-cache policy parole
parole:
  Installed: 0.6.1-0ubuntu3.1
  Candidate: 0.6.1-0ubuntu3.1
  Version table:
 *** 0.6.1-0ubuntu3.1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
        100 /var/lib/dpkg/status
     0.6.1-0ubuntu3 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages

$ apt-cache policy gstreamer1.0
gstreamer1.0-fluendo-mp3:
  Installed: 0.10.23.debian-3
  Candidate: 0.10.23.debian-3
  Version table:
 *** 0.10.23.debian-3 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
        100 /var/lib/dpkg/status
gstreamer1.0-vaapi:
  Installed: (none)
  Candidate: 0.5.7-0ubuntu4
  Version table:
     0.5.7-0ubuntu4 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-audiosource:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-vaapi-doc:
  Installed: (none)
  Candidate: 0.5.7-0ubuntu4
  Version table:
     0.5.7-0ubuntu4 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-clutter:
  Installed: (none)
  Candidate: 2.0.8-1build1
  Version table:
     2.0.8-1build1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-alsa:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-videosink:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-visualization:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-plugins-base-apps:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-tools:
  Installed: 1.2.4-0ubuntu1
  Candidate: 1.2.4-0ubuntu1
  Version table:
 *** 1.2.4-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
libgstreamer1.0-0-dbg:
  Installed: (none)
  Candidate: 1.2.4-0ubuntu1
  Version table:
     1.2.4-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-pulseaudio:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-plugins-ugly-doc:
  Installed: (none)
  Candidate: 1.2.3-2build1
  Version table:
     1.2.3-2build1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-plugins-base-doc:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-plugins-really-bad:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-plugins-ugly:
  Installed: 1.2.3-2build1
  Candidate: 1.2.3-2build1
  Version table:
 *** 1.2.3-2build1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
        100 /var/lib/dpkg/status
gstreamer1.0-doc:
  Installed: (none)
  Candidate: 1.2.4-0ubuntu1
  Version table:
     1.2.4-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-libav-dbg:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-plugins-good:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-hybris:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-ffmpeg:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-plugins-good-dbg:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-plugins-bad-dbg:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-gnonlin-dbg:
  Installed: (none)
  Candidate: 1.2.0-1
  Version table:
     1.2.0-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
libgstreamer1.0-dev:
  Installed: (none)
  Candidate: 1.2.4-0ubuntu1
  Version table:
     1.2.4-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-audiosink:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-videosource:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-gnonlin:
  Installed: (none)
  Candidate: 1.2.0-1
  Version table:
     1.2.0-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
libgstreamer1.0-0:
  Installed: 1.2.4-0ubuntu1
  Candidate: 1.2.4-0ubuntu1
  Version table:
 *** 1.2.4-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
phonon-backend-gstreamer1.0-common:
  Installed: (none)
  Candidate: 4:4.7.80-0ubuntu2~ubuntu14.04
  Version table:
     4:4.7.80-0ubuntu2~ubuntu14.04 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
     4:4.7.1+git20140403-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-plugins-bad-videoparsers:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
phonon-backend-gstreamer1.0:
  Installed: (none)
  Candidate: 4:4.7.80-0ubuntu2~ubuntu14.04
  Version table:
     4:4.7.80-0ubuntu2~ubuntu14.04 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     4:4.7.1+git20140403-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-plugins-good-doc:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-crystalhd:
  Installed: (none)
  Candidate: 1:0.0~git20110715.fdd2f19-9ubuntu1
  Version table:
     1:0.0~git20110715.fdd2f19-9ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-plugins-bad-doc:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-gnonlin-doc:
  Installed: (none)
  Candidate: 1.2.0-1
  Version table:
     1.2.0-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-plugins-bad-faad:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
phonon-backend-gstreamer1.0-dbg:
  Installed: (none)
  Candidate: 4:4.7.80-0ubuntu2~ubuntu14.04
  Version table:
     4:4.7.80-0ubuntu2~ubuntu14.04 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     4:4.7.1+git20140403-0ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-plugins-base:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-nice:
  Installed: (none)
  Candidate: 0.1.4-1
  Version table:
     0.1.4-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-lame:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-x:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-libav:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-plugins-ugly-dbg:
  Installed: (none)
  Candidate: 1.2.3-2build1
  Version table:
     1.2.3-2build1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages
gstreamer1.0-gnomevfs:
  Installed: (none)
  Candidate: (none)
  Version table:
gstreamer1.0-plugins-base-dbg:
  Installed: (none)
  Candidate: 1.2.4-1~ubuntu1
  Version table:
     1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
     1.2.3-1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages
gstreamer1.0-plugins-bad:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/universe i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/universe i386 Packages

apt-cache policy gstreamer1.0-pulseaudio
gstreamer1.0-pulseaudio:
  Installed: 1.2.4-1~ubuntu1
  Candidate: 1.2.4-1~ubuntu1
  Version table:
 *** 1.2.4-1~ubuntu1 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty-updates/main i386 Packages
        100 /var/lib/dpkg/status
     1.2.3-1ubuntu2 0
        500 http://us.archive.ubuntu.com/ubuntu/ trusty/main i386 Packages