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Preheat the oven to 325 degrees. Grease 2 9 inch cake pans (or 3 8 inch pans). Set aside.
In the bowl of an electric mixer, beat all of the ingredients for the cake together on low speed. Increase to medium speed and beat for 4 minutes, scraping the bowl as needed. Divide the batter evenly in the prepared pans and bake for 23-27 minutes (for 9 inch pans) or until a toothpick inserted in the center comes out clean. Allow the cakes to cool for 10 minutes before running a knife along the edges and flipping them out of the pans and onto a cooling rack.
Meanwhile, beat together the cream cheese, sugar, and powdered sugar until smooth. Fold in the whipped topping followed by the candy bars.
To frost the cake, place one layer on a flat surface. Spread the frosting over the cake and along the edges. Place the second layer on top and spread the frosting on the top and sides, blending with the bottom layer. Place candy bars pieces on top to decorate, either piled in the center or around the top and sides. Refrigerate until ready to serve.