The X-ray emission of neutron stars and black holes presents a rich phenomenology that can lead us to a better understanding of their nature and to address more general physics questions: Does general relativity apply in the strong gravity regime? Is spacetime around black holes described by the Kerr metric? This white paper considers how we can investigate these questions by studying reverberation mapping and quasi-periodic oscillations in accreting systems with a combination of high-spectral and high-timing resolution. In the near future, we will be able to study compact objects in the X-rays in a new way: advancements in transition-edge sensors (TES) technology will allow for electron-volt-resolution spectroscopy combined with nanoseconds-precision timing.