There is a well‐developed theory to account for the effect of random fluctuations in the sound speed on the underwater scattering of acoustic radiation. Here it is shown that the theory may be readily extended to include the effect of random fluctuations in fluid velocity. It is assumed that the characteristic time and length scales associated with the velocity correlation functions are long when compared to the corresponding scales (period and wavelength) of the acoustic radiation. The application of the theory to ocean studies is discussed with emphasis on the utility of using an inverse method to find the lateral correlation function.