How far above grade is the slab?
No form of wood siding or sheathing should be within 6" of grade or it's going to rot and waters going to get in under the wall.
15 X 20 is a large shed, I wonder if you require a building permit and, if so, is it required to be built in compliance with a building code. Assuming you do not require a building permit and do not have to comply with a building code, then a course of concrete block would be the way to go, your framing and sheathing (and wood siding) will last much longer. If you need to comply with a building permit the 4" slab on grade will not comply with most codes in most climates.
You might get away with 4 x 6 pressure treated all the way around the bottom (plate) drilled through the 4 x 6 into the slab with 1/2 " hold down bolts and build up from there. Make sure your siding don't wick up any water from the ground or slab. I have built many sheds on monolithic slabs 4" thick on grade and their all still around 40 years later.
a 1x10 or 1x12 cpvc skirt board with a drip cap added to the wall first underneath of the siding could allow you to frame directly to the slab with the wall and still keep the siding up off of the ground
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