Cook pasta according to package directions, omitting salt and fat. Drain and keep warm.
Heat oil in a large skillet over medium heat. Add mushrooms, shallots, and garlic; sauté 5 minutes
Add broth, asparagus, salt, and pepper. Bring to a simmer over medium heat. Simmer, uncovered, 5 minutes or until asparagus is tender.
Combine pasta and asparagus mixture; sprinkle with cheese and basil, tossing well. Serve immediately.