Askey was taking charge of Pools for the first time following his appointment as Keith Curle’s successor and was made quickly aware of the task in front of him as Walsall went into a two-goal lead.
Tom Knowles fired in low after half-an-hour before Isaac Hutchinson emphatically doubled the Saddlers' lead early in the second half.
Askey's side were given a welcome hand when referee Darren Drysdale awarded a penalty for a foul on Jack Hamilton which Dan Kemp stepped up to convert.
But despite a mini-rally, Askey’s side saw themselves two behind again as Matt Stevens got the better of Mouhamed Niang to finish well.
As the game entered stoppage time Hartlepool were awarded another spot kick when Oliver Finney was tripped as Kemp converted again before Connor Jennings grabbed an unlikely equaliser.
And here is how Pools fared on a dramatic afternoon:
1. Jakub Stolarczyk - 7
Strong game despite conceding three times. Was called into action inside 10 seconds to make an excellent double stop from Knowles. Might have got a slight fingertip to Comley’s effort off the bar. Well beaten for all three goals. (Photo: Mark Fletcher | MI News) Photo: Mark Fletcher
2. Taylor Foran - 4
Has done okay in the side but this was a difficult afternoon. Struggled after a mistake in the opening seconds. Caught in possession before Stolarczyk bailed him out. Hutchinson got by him too easily for the second. Brought off. (Photo: Michael Driver | MI News) Photo: Michael Driver
3. Peter Hartley - 5
Got away with one with an unnecessary ball into Featherstone who was under pressure. Lacked a bit of composure at times in his clearances. Went off with an injury. (Credit: Michael Driver | MI News) Photo: Michael Driver
4. Edon Pruti - 6
Turned a little too easily by Knowles for opening goal. Played a nice ball into the path of Ferguson in the first half. Good block on Hutchinson from long ball forward. Involved at the back post for Jennings equaliser. (Credit: Michael Driver | MI News) Photo: Michael Driver