EXHIBIT 34.1

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Report of Independent Registered
Public Accounting Firm

To the Board of Directors of The Bank of Nova
Scotia

We have examined
management’s assertion, included in the accompanying management’s Report on Assessment of Compliance with
Applicable Servicing Criteria for Covered Bonds by The Bank of Nova Scotia (the Bank), that the Bank complied with the
servicing criteria set forth in Item 1122(d) of the Securities and Exchange Commission’s Regulation AB (the Servicing
Criteria) for the eligible residential mortgages in the cover pool held by Scotiabank Covered Bond Guarantor Limited
Partnership in relation to the Bank’s Global Registered Covered Bond Program (the Platform), as of and for the year
ended October 31, 2018, except for criteria 1122(d)(1)(ii), d(1)(iii), d(1)(iv), d(1)(v), 1122(d)(2)(iii), 1122(d)(2)(vi) and
1122(d)(4)(x), which management of the Bank has determined are not applicable to the activities performed by the Bank with
respect to the Platform. With respect to applicable servicing criteria 1122(d)(2)(ii), 1122(d)(3)(ii), d(3)(iii), d(3)(iv),
and 1122(d)(4)(xv), management of the Bank has determined that there were no activities performed during the year ended
October 31, 2018 with respect to the Platform, because there were no occurrences of events that would require the Bank to
perform such activities. Management is responsible for the Bank’s compliance with the Servicing Criteria. Our
responsibility is to express an opinion on management’s assertion about the Bank’s compliance with the Servicing
Criteria based on our examination.

Our examination was conducted in accordance
with the standards of the Public Company Accounting Oversight Board (United States) and in accordance with attestation standards
established by the American Institute of Certified Public Accountants to obtain reasonable assurance and, accordingly, included
examining, on a test basis, evidence about the Bank’s compliance with the Servicing Criteria and performing such other procedures
as we considered necessary in the circumstances. Our examination included testing selected asset-backed transactions and securities
that comprise the Platform, testing selected servicing activities related to the Platform, and determining whether the Bank processed
those selected transactions and performed those selected activities in compliance with the Servicing Criteria. Furthermore, our
procedures were limited to the selected transactions and servicing activities performed by the Bank during the period covered by
this report. Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our
tests that may have affected the balances or amounts calculated or reported by the Bank during the period covered by this report
for the selected transactions or any other transactions. We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Bank’s compliance with the Servicing Criteria.

In our opinion, management’s assertion
that the Bank complied with the aforementioned Servicing Criteria as of and for the year ended October 31, 2018 is fairly stated,
in all material respects.

/s/ KPMG LLP



Chartered Professional Accountants, Licensed
Public Accountants



Toronto, Canada

January 29, 2019



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