Compost recipes for Cephalotus follicularis vary from grower to grower and all seem successful. This leads me to believe that Cephalotus are quite tolerant in their requirements, however I think that the conditions in which they are grown dictates the appropriate compost for them to thrive.
For instance, in a climate warmer than its natural habitat an open airy compost is ideal as well as in a colder than normal climate. In the former because water takes up the spaces in between the grains of compost, in the latter because air takes up the spaces between the grains. Therefore one cools the roots the other stops the roots rotting. In their ideal location i.e. SW Australia you would probably OK with just a simple dense peat/sand mixture.
Compost recipes include such ingredients as: long fibre spagnum moss - live and dried, spagnum moss peat, sharp sand, perlite, orchid bark, wood charcoal, leaf mould.

My current favoured compost in the UK is by volume:
30% spagnum moss peat
25% Coir (specifically Canna coco as this contains Trichoderma)
10% sharp sand
25% perlite
5% wood charcoal
5% chopped live spagnum moss

Soil mixture as recommended by Charles Brewer (long time, very successful Cephalotus grower)
A very open mixture comprising by volume:
45% dried spagnum moss
45% medium perlite
8% peat/sand mixture
2% wood charcoal
More sand/peat can be added and doesn't cause problems.

A more controversial compost mix is by volume:
33% spagnum moss peat
33% leaf mould - W Australian Wattle tree
34% sand collected from beach sand dunes - away from the shore edge
The grower argues that this sand contain a trace of salt that keeps away any fungus problems.

A simple light open compost ideal for terrarium growing:
50% medium perlite
25% peat
12% sharp sand
12% small orchid bark

Which ever compost you decide on, forming a dome of compost in the pot and planting on the top of this seems to benefit the plant for some reason, probably because the plant crown is raised and slightly drier therefore discouraging rot.
Repot you plants every 2 years for smaller specimens and every 4 to 5 years for larger pots, but, never repot in the summer - late autumn/fall, winter or my choice - early spring are the best times.

Courtesy of Wouter Noordeloos