We update our 1993 analysis of the CP violating ratio ε ′ /ε in view of the changes in several input parameters, in particular the improved value of the top quark mass. We also investigate the strange quark mass m s dependence of ε ′ /ε in view of rather low values found in the most recent lattice calculations. A simple scanning of the input parameters within one standard deviation gives the ranges: −1.2 · 10 −4 ≤ ε ′ /ε ≤ 16.0 · 10 −4 and 0 ≤ ε ′ /ε ≤ 43.0 · 10 −4 for m s (m c ) = 150 ± 20 MeV and m s (m c ) = 100 ± 20 MeV respectively. If the experimentally measured numbers and the theoretical input parameters are used with Gaussian errors, we find ε ′ /ε = (3.6 ± 3.4) · 10 −4 and ε ′ /ε = (10.4 ± 8.3) · 10 −4 respectively. We also give results for ImV * ts V td . Analyzing the dependence of ε ′ /ε on various parameters we find that only for m s (m c ) ≤ 100 MeV and a conspiration of other input parameters, values for ε ′ /ε as large as (2 − 4) · 10 −3 and consistent with the NA31 result can be obtained. † Supported by the German Bundesministerium für Bildung und Forschung under contract 06 TM 743 and DFG Project Li 519/2-1.