  Building on the first part of this paper, we develop the theory of functional
asynchronous networks. We show that a large class of functional asynchronous
networks can be (uniquely) represented as feedforward networks connecting
events or dynamical modules. For these networks we can give a complete
description of the network function in terms of the function of the events
comprising the network: the Modularization of Dynamics Theorem. We give
examples to illustrate the main results.
