A careful evaluation of the earlier model (1-2) for electrochemical frequency modulation (EFM) involving two sinusoidal applied potentials for the determination of corrosion parameters shows an algebraic error. Although the missing term in the original derivation appears to be insignificant, it is found that errors involved in corrosion current determination, and especially in evaluation of the Tafel slopes can be very significant, which is of consequence because of the rising popularity of this technique. The magnitude of error is found to be a function of the inherent corrosion characteristics (anodic and cathodic Tafel slopes) of the corroding material as well as the applied peak potential of the modulation. A corrected model with detailed steps showing the appropriate math is presented. In addition, using the experimental data available in the literature, the errors involved in estimating the corrosion parameters by the earlier EFM model of Bosch et al (1-2) are evaluated. The corrected corrosion current and the Tafel slopes can be recovered from the incorrect model without the benefit of the harmonic currents, as shown in this paper.The analysis is also presented for the case of only one applied sinusoidal frequency modulation, which offers several advantages over the multiple frequency modulation.