A new generation of exoplanet research beckons and with it the need for simulation tools that accurately predict signal and noise in transit spectroscopy observations. We developed ExoSim: an end-to-end simulator that models noise and systematics in a dynamical simulation. ExoSim improves on previous simulators in the complexity of its simulation, versatility of use and its ability to be generically applied to different instruments. It performs a dynamical simulation that can capture temporal effects such as correlated noise and systematics on the light curve. It has also been extensively validated, including against real results from the Hubble WFC3 instrument. We find ExoSim is accurate to within 5% in most comparisons. ExoSim can interact with other models which simulate specific time-dependent processes. A dedicated star spot simulator allows ExoSim to produce simulated observations that include spot and facula contamination. ExoSim has been used extensively in the Phase A and B design studies of the ARIEL mission, and has many potential applications in the field of transit spectroscopy.