When you confugure the card for it. Under the control panel there should be a M Audio icon, click it and open the options window for the card, there should be a list of bit depths and smaple rates..pick 24 bit and the 96 khz buttons.
Then when you start a new project in CE, there should be options there when you start.
Just guessing though from memory. Im not at "my" pc right now.
Peace,
Dennis