We study the time-domain acoustic scattering problem by a cluster of small holes (i.e., sound-soft obstacles). Based on the retarded boundary integral equation method, we derive the asymptotic expansion of the scattered field as the size of the holes goes to zero. Under certain geometrical constraints on the size and the minimum distance between the holes, we show that the scattered field is approximated by a linear combination of point-sources where the weights are given by the capacitance of each hole and the causal signals (of these point-sources) can be computed by solving a retarded in time linear algebraic system. A rigorous justification of the asymptotic expansion and the unique solvability of the linear algebraic system is shown under natural conditions on the cluster of holes. As an application of the asymptotic expansion, we derive, in the limit case when the holes are densely distributed and occupy a bounded domain, the equivalent effective acoustic medium (an equivalent mass density characterized by the capacitance of the holes) that generates, approximately, the same scattered field as the cluster of holes. Conversely, given a locally variable, smooth, and positive mass density, satisfying a certain subharmonicity condition, we can design a perforated material with holes, having appropriate capacitances, that generates approximately the same acoustic field as the acoustic medium modeled by the given mass density (and constant speed of propagation). Finally, we numerically verify the asymptotic expansions by comparing the asymptotic approximations with the numerical solutions of the scattered fields via the finite element method.