  The optical conductance of a multiple scattering medium is the total
transmitted light of a diffuse incoming beam. This quantity, very analogous to
the electronic conductance, exhibits universal conductance fluctuations. We
perform a detailed diagrammatic analysis of these fluctuations. With a
Kadanoff-Baym technique all the leading diagrams are systematically generated.
A cancellation of the short distance divergencies occurs, that yields a well
behaved theory. The analytical form of the fluctuations is calculated and
applied to optical systems. Absorption and internal reflections reduce the
fluctuations significantly.

Condensed Matter