In this paper, the ITTC Standard Cavitator is numerically investigated in a cavitation tunnel. Simulations at different cavitation numbers are compared against experiments conducted in the cavitation tunnel of SVA Potsdam. The focus is placed on the numerical prediction of sheet-cavitation dynamics and the analysis of transient phenomena. A compressible two-phase flow model is used for the flow solution, and two turbulence closures are employed: a two-equation unsteady RANS model, and a hybrid RANS/LES model. A homogeneous mixture model is used for the two phases. Detailed analysis of the cavitation shedding mechanism confirms that the dynamics of the sheet cavitation are dictated by the re-entrant jet. The break-off cycle is relatively periodic in both investigated cases with approximately constant shedding frequency. The CFD predicted sheet-cavitation shedding frequencies can be observed also in the acoustic measurements. The Strouhal numbers lie within the usual ranges reported in the literature for sheet-cavitation shedding. We furthermore demonstrate that the vortical flow structures can in certain cases develop striking cavitating toroidal vortices, as well as pressure wave fronts associated with a cavity cloud collapse event. To our knowledge, our numerical analyses are the first reported for the ITTC standard cavitator.