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) rep-
resented 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 com-
prising the network: the Modularization of Dynamics Theorem.
We give examples to illustrate the main results.