Don't exceed any aircraft limitations! 30-45 degrees bank, drop gear when you can for drag, then drop flaps, don't shock cool the engine (going to idle in a fast descent is bad), prop not to exceed redline. You want to have the prop full RPM once you slow down, and slowly power back the engine. Vne, Vle, Vfe are the big limitations to watch, Va if in rough air. That said, you want to be as fast as possible to maximize drag.
Refer to the FAA's Airplane Flying Handbook (it is in there), the POH for the airplane supersedes that though. I think it is fine to brief the examiner that in a real emergency you would go power idle/prop pitch immediately, but not for a practice demonstration. Also, the nature of the emergency changes things - for a structural failure, we would want to minimize loads on the aircraft. For a fire, we would want maximum airspeed, etc.