You'd be better off using parameterized queries. These will automatically handle the single quotes, and protect you better from SQL Injection.
Inserting the double single quotes (did I say that right?) is a way of escaping the data. It should work, but it's not a best practice.
See this article for a much fuller answer:
http://msdn.microsoft.com/en-us/library/ff648339.aspx
What I'm proposing is step 3.
Edit - I should read the question better
If you're already using parameterized queries, or a stored procedure, and you're setting the value of acctName to the value of a parameter, then you do not need to escape the quotes yourself. That's handled automatically.
It's also handled by several tools, including the Mirosoft Patterns and Practices Database library. That has several commands where you can pass in a statement and array of objects that are used as parameter values -that handles the escaping as well.
If either of those are the case, you can completely eliminate the line of code where you're replacing the values.