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.