An understanding of the interaction between acoustic waves and cancellous bone is needed in order to realize the full clinical potential of ultrasonic bone measurements. Scattering is likely to be of central importance but has received little attention to date. In this study, we adopted a theoretical model from the literature in which scattering was assumed to be proportional to the mean fluctuation in sound speed, and bone was considered to be a random continuum containing identical scatterers. The model required knowledge only of sound speeds in bone and marrow, porosity, and scatter size. Predicted attenuation, broadband ultrasonic attenuation (BUA) and backscatter coefficient were obtained for a range of porosities and scatterer sizes, and were found to be comparable to published values for cancellous bone. Trends in predicted BUA with porosity agreed with previous experimental observations. All three predicted acoustic parameters showed a non-linear dependence on scatterer size which was independent of porosity. These data confirm the value of the scattering approach and provide the first quantitative predictions of the independent influence of structure and porosity on bone acoustic properties.