Cook the orzo in boiling, lightly salted water until just tender, about 7 to 8 minutes. Add the asparagus to the pot and cook 1 minute more. When cooked, drain the orzo and asparagus well, reserving 1/4 cup of the cooking liquid.
Place the orzo and asparagus, reserved cooking liquid, cheese, pesto, almonds, salt and pepper in a serving bowl. Toss everything to combine and serve.
Note: To toast almonds, place them in a single layer in a small baking pan. Bake in a 300 degrees F oven for 10 minutes, or until lightly toasted.