Homogeneous equilibrium model (HEM) has been widely used in cavitating flow simulations. The major feature of this model is that a single equation of state (EOS) is proposed to describe the thermal behavior of bubbly liquid, where both kinematic and thermal equilibrium are assumed between two phases. In this paper, the HEM was coupled with multi-relaxation-time lattice Boltzmann model (MRT-LBM) and the acoustic behavior was simulated. Two approaches were applied alternatively: adjusting speed of sound (Buick, J. Phys. A, 2006, 39:13807-13815) and setting real gas EOS. Both approaches result in high accuracy in acoustic speed predictions for different void (gas) volume of fractions. It is demonstrated that LBM could be successfully applied as a Navier-Stokes equation solver for industrial applications. However, further dissipation and dispersion analysis shows that Shan-Chen type approaches of LBM are deficient, especially in large wave-number region.