Combine cracker crumbs & cheese in a medium bowl & mix well. Drain the asparagus, reserving 1 cup liquid. Combine the reserved liquid & the soup in a large bowl & mix well.
Layer 1/3 of the cracker mixture, 1/2 of the asparagus & 1/2 the soup mixture in a greased 2 qt. casserole. Repeat the layers & top with remaining cracker mixture. Drizzle with margarine. Bake for 25 min. our until golden brown.