In this paper a new distributed asynchronous algorithm is proposed for time synchronization in networks with random communication delays, measurement noise and communication dropouts. Three different types of the drift correction algorithm are introduced, based on different kinds of local time increments. Under nonrestrictive conditions concerning network properties, it is proved that all the algorithm types provide convergence in the mean square sense and with probability one (w.p.1) of the corrected drifts of all the nodes to the same value (consensus). An estimate of the convergence rate of these algorithms is derived. For offset correction, a new algorithm is proposed containing a compensation parameter coping with the influence of random delays and special terms taking care of the influence of both linearly increasing time and drift correction. It is proved that the corrected offsets of all the nodes converge in the mean square sense and w.p.1. An efficient offset correction algorithm based on consensus on local compensation parameters is also proposed. It is shown that the overall time synchronization algorithm can also be implemented as a flooding algorithm with one reference node. It is proved that it is possible to achieve bounded error between local corrected clocks in the mean square sense and w.p.1. Simulation results provide an additional practical insight into the algorithm properties and show its advantage over the existing methods.