The results obtained in part I are interpreted in terms of the viscosity field arising from independent processes of directional ordering for magnetic defects dispersed in the amorphous structure and interacting with the magnetization vector. A specific model is developed in order to take into account the changes in the ordering kinetics induced by the periodic magnetization rotations described in part I. This model, however, requires that the magnetic induction remain constant during the whole measurement; as a consequence, the model’s predictions cannot be directly compared with the experimental results, obtained instead at constant applied field. This difficulty is overcome by deriving a general relationship between the magnetic‐induction decay and the viscosity field kinetics for an arbitrary number of half‐periods of the square‐wave field. The agreement of our theory with the experimental results turns out to be quite satisfactory. As consequence, the ordering processes responsible for the magnetic aftereffect in amorphous ferromagnets may be described as essentially uncorrelated.